ShareKUWAIT: Kuwait can create a producing environment for private sector growth and economic prosperity as the private sector plays a crucial role in creating opportunities for growth through enhancing employment, providing essential services, and contributing to the local economy, while being acknowledged by the government through supporting the private sector’s investments and other factors that were highlighted by Kuwait Times interviewees.
Mohammed Abdullah Al-Abdullah, Member of Abdullah Al-Salem Cooperative Society and Al-Mansouriya Cooperative Society, who is also the Chairman of the Financial and Administrative Committee, told Kuwait Times that the private sector in Kuwait plays a role in creating new job opportunities and providing services and products to the society, as well as contributing to increasing investments and stimulating the local economy.
He also said that the government in Kuwait has taken several initiatives to encourage investment by the private sector, including funds for small and medium projects. These initiatives include facilitating laws and regulations, providing financial incentives, developing infrastructure, and ensuring basic services. The government also works on improving the business environment and providing support and guidance to investors.
Al-Abdullah further elaborated that private companies can take several actions to help revive the economy in Kuwait. They can increase investments in infrastructure and technology, provide job opportunities for citizens, enhance training and skill development, and participate in social and environmental projects. Additionally, private companies can collaborate with the government and other institutions to implement development projects, promote innovations and technological advancements.
On her part, Mashael Jassim Al-Kulaib, also a Member of Abdullah Al-Salem Cooperative Society and Chairman of the Social Committee, spoke about the challenges that the private sector may be facing. “The private sector may face several challenges, including government laws and regulations, bureaucracy, financial resource constraints, and difficulty accessing financing. There may also be challenges in competitiveness with large companies and achieving sustainability in business.”
To facilitate the private sector’s progress, Al-Kulaib suggested: “The government may adopt policies such as providing an encouraging and simple regulatory environment and reducing bureaucracy, funding and financial support can be provided for small and medium-sized enterprises. Additionally, enhancing education and vocational training to develop workforce capabilities and provide the necessary competencies for private companies.”
CEO of private sector employment company, Aisha Al-Waile, concluded with emphasizing on the importance of considering various factors when developing strategies to enhance the private sector’s role in revitalizing the economy. These factors include improving the business environment, offering investment incentives, developing technology and innovation, enhancing education and workforce skills, promoting transparency and good governance, defining economic policies, fostering trade and cooperation, improving infrastructure, simplifying administrative processes, supporting innovation, and encouraging communication between the government and private sector.
She also highlighted that to enhance their role in the economy, private companies can focus on sustainable development practices, invest in technology, collaborate with educational institutions for workforce development, maintain transparency and good governance, engage in social projects, and expand their networks and relationships. These actions can improve the business environment, attract investments, and create more job opportunities.
