ShareKUWAIT: Kuwait, through its development vision, had set a course towards cultivating talents and developing the industrial sector in the country. The various challenges that the world went through made Kuwaitis realize that expanding non-oil income was a necessity to seek progress and bolster the economy. The Kuwaiti industrial sector, throughout the years, has achieved strategic security for the country, covering the national need for a variety of products, including food and medical commodities.
Speaking to KUNA on the issue, acting director general of the Public Authority for Industry (PAI), Mohammad Al-Adwani, said that the authority took heed of the government’s vision to diversify income in the non-oil sector, revealing that the authority had future plans to implement technical decisions to bring Kuwaiti products up to standard in terms of energy consumption and efficacy. He stressed that it was important to establish laws and legislation to create an independent entity for specification and standards to ensure the best quality of products and support national production.
Al-Adwani revealed that the PAI had taken a strong stride towards establishing such an entity in a similar fashion to other countries in the region. On his part, the head of specification and standards at PAI Falah Al-Hajraf said that the authority was keen on encouraging local industries to create products of exceptional standards. Such encouragement would boost the national economy and commerce, he affirmed, adding that this procedure would close the commercial gap between Kuwait and the global market. He added that PAI conducted regular national inspections of factories to ensure that they were following national guidelines for products and safety measures.
Meanwhile, the General Manager of the Kuwait Industries Union (KIU), Huda Al-Baqshi, said that the industrial sector was very vital for all countries, noting that the COVID-19 pandemic had reflected the necessity of such a sector in diversifying income and developing the economic scene. She affirmed that the Kuwaiti industrial sector had promising potential, adding that the sector had achieved its goals in organizing the flow of necessities and products in the local market. She revealed that the KIU had launched an initiative during the COVID-19 pandemic by establishing warehouses and administrative facilities for the Secretariat of the Council of Ministers and utilizing locally produced material.
On the amount of bank funding for the industrial sector, chairman of the board for the Industrial Bank of Kuwait (IBK), Musab Al-Nisf, revealed that the bank had provided, since its establishment in 1974, around $1.44 billion in loans for industrial projects and facilities until the second quarter of 2023. He said that the period between 1974 and 2022 saw the construction industry come in first with 21.6 percent of loans, followed by the oil and gas industry by 11.6 percent, and food production by 9.9 percent in third place.
The IBK is keen on also supporting industrial ventures by Kuwaiti youth. Al-Nisf affirmed, noting that until June 30, 2023, the IBK had funded 2,197 small industrial projects with investments of KD 255 million. Al-Nisf added that around KD 193.4 million was approved to fund small project portfolios, with the total amount and investment costs reaching 75.85 percent. - KUNA
