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Non-oil revenue expected to touch KD 4 million |
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Monday, 19 October 2009 22:44 |
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The income generated from non-oil revenue sources is expected to touch KD 4 billion within five years.
This is after the total income touched KD 1.1billion during the fiscal year 2008-2009. The diversification of local and foreign investments, as well as flourishing the private sector, compulsory taxation on investment products, and a conducive environment for mega projects are expected to contribute toward this growth.
According to an official, the Minister of Finance Mustafa Al-Shamali has executed an executive strategic plan to increase the income generated from non-oil sector and improve citizens' standard of living while maintaining the stability of prices. The official further indicated that the plan would be initiated by supporting the public sector, and integrating it with financial activity.
The government has assigned a slew of programs , and has provided the private sector with the necessary land where they can be implemented. In addition, the plan will call for easing bureaucratic procedures for investment to be made in the private sector.
This includes developing the legislative controls at the public sector and allowing it to improve and create infrastructural projects, reported Al-Watan. The plan will also support small and medium-scale businesses, in addition to preparing a proper environment to recruit foreign workers.
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Kuwait Times
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