His Highness the Amir of Kuwait, Sheikh Sabah Al Ahmad, addresses attention in many occasions to supporting the Kuwaiti economy by keeping abreast of the great economic movement which the entire world is undergoing.
His Highness the Amir has adopted the principle of free economy and opening the field for the Kuwaiti economy in order for the economies of the region to compete. His Highness called for eliminating the difficulties for local and international investors, reducing bureaucratic restrictions, enacting new laws to protect and encourage investment in order for Kuwait to become a financial and economic hub in the region and the world.
Here is Kuwait taking its first steps to accomplish the noble desire of His Highness the Amir of Kuwait, Sheikh Sabah Al Ahmad, by executing the development plan for (2010/2011- 2013/2014), the law of which was ratified by His Highness on 21 February 2010, which will continue for four years up to the end of March 2014, consisting of 13 articles, the overall of which confirmed on achieving the justice of distributing development projects returns between citizens on one hand, and contribute in funding such projects on the other hand. Further, it has necessitated that the government refer the bills set forth under the general framework of the plan to the National Assembly during the next two years for considering them and enacting them in the form of a law.
The five year plan comprises the State of Kuwait’s vision in 2035, aimed at transferring Kuwait into a financial and commercial hub attracting investment, where the private sector leads the economic activity, the spirit of competition is increased and production efficiency raised in light of an institutional supportive body of the State, as well as establishing values, maintaining social identity, realizing human development, balanced development and providing suitable infrastructure, advanced legislations and encouraging business environment.
Among the most prominent aspirations comprised by the vision is to restore the regional pioneering role of the State of Kuwait as a financial and commercial hub, reviving the central role of the Kuwaiti private sector in leading developing, rebuilding the important and various roles of the State, its bodies and institutions to provide the means of enablement and supporting to work and production, providing the appropriate infrastructure and suitable legislations and the favorable business environment to encouraging development, provide the controls and climate to ensure total human and balanced development aimed at establishing the values of the society, maintaining its identity, building citizenship, achieving justice and means of honorable living, supporting and establishing the democratic system based on the respect of the constitution and compliance with the same to ensure justice, political participation and freedoms.
Through this plan, the Kuwaiti government aims at establishing a new ideology for strategic planning and visions to transform into a true reality, and will act as the first move towards attaining the desired vision for 2035, aimed at transforming Kuwait into a financial and international hub, as per the directions of His Highness the Amir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah, the leader of the modern advancement of the State of Kuwait.