ShareWASHINGTON: Kuwaiti Minister of Finance, Minister of State for Economic and Investment Affairs, and Acting Minister of Oil Noura Al-Fassam said the current reliance on oil would expose the region to major risks that pose a threat to financial stability and sustainable growth. She explained that the fluctuations in global energy prices would lead to economic fluctuations and the possibility of a decline in demand for hydrocarbons in the long term.
This came in a speech delivered by Minister Al-Fassam on Thursday evening during her participation in a GCC event, held in cooperation with the World Bank, headed by the Secretary General of the GCC Jasem Al-Budaiwi, in the presence of Kuwait’s Ambassador to the United States Sheikha Al-Zain Al-Sabah. Gulf finance ministers and senior officials in the financial and economic sectors also participated in this event.
Minister Al-Fassam added that Kuwait and the GCC countries share the ambition to build resilient and sustainable economies. Kuwait would continue to prioritize sustainable progress in economic diversification, developing non-oil projects, generating job opportunities in the private sector, and strengthening its position as a major partner in Gulf development.
She pointed out Kuwait’s major projects, including the development of the Northern Economic Zone and the development of Mubarak Al-Kabeer Port, in addition to other projects in the tourism sector such as the development of Failaka Island, information and communications technology, and renewable energy. She explained that Kuwait and the GCC countries look forward to cooperation and economic integration by prioritizing facilitating cross-border trade, unifying regulations, and updating policies in trade, human capital, infrastructure, and digital transformation.
Minister Al-Fassam pointed out that the event was held during the annual meetings of the World Bank Group and the International Monetary Fund in Washington, aiming to create new investment opportunities for the Gulf economy. The event discussed the economic and development policies expected to be adopted within the framework of joint Gulf action and presented proposals for new economic initiatives.
As part of the meetings, Al-Fassam met with US Acting Assistant Secretary of State for Economic and Business Affairs Amy Holman.
They discussed ways to enhance cooperation between the two friendly countries in the areas of financial and economic reforms, explored investment opportunities in Kuwaiti national projects, and focused on empowering women and supporting youth capacities and talents.
She also met with US Assistant Secretary of State for Energy Resources Geoffry Pyatt, where they praised the historical and commercial relationship between the two countries and discussed ways to enhance cooperation in alternative and renewable energy, including knowledge and experience transfer in this field. Both meetings were attended by Sheikha Al-Zain Al-Sabah. — KUNA
