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Privatization needed for development |
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Wednesday, 07 July 2010 16:13 |
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KUWAIT: Kuwait's economic system desperately needs the introduction of the private sector as a partner in the development process, said a Kuwaiti economic expert said yesterday.
Most economic studies have underlined the necessity for Kuwait to diversify its revenue and not depend on oil as its sole source of income, especially with the large numbers of Kuwaitis expected to enter the labor market within the next few years," said Jassem Al-Saadoun, the chairman of Al-Shal Economic Consultants.
Speaking at a seminar held by the Kuwaiti Accountants and Auditors' Society on 'Privatization Law and the Development Plan's Projects,' Al-Saadoun called for far more privatization, saying, "Kuwait needs to privatize 62 listed and unlisted companies, in addition to 12 government entities.
Privatization could play a positive and effective role in the development process given the country's existing sound legislative structure and the strong regulatory framework introduced by the government, he asserted.
Kuwait's key geographical location bolsters its potential to become an international and financial hub, Al-Jassem continued, adding that this should be achieved through establishing strategic and economic relations with neighboring nations, as well as by encouraging further increases in trade with Europe and Asia. - Kuwait times
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