The National Project for Sustainable Development (Thukur) on Sunday unveiled a set of suggestions for creating an environment conducive to business and investment in Kuwait.
The recommendations, entailed in a report by the project's team, aim to promote the economic reforms and promote the country's economic rating from the current 82nd to the 33rd position, Abdulwahab Al-Rushaid, member of the team, told KUNA.
The report analyzes the challenges that exist in the business atmosphere and sets forth the necessary solutions, said Al-Rushaid who doubles as assistant director of Aayan Co. for asset management.
"It includes comparative figures from economic entities in 15 countries in the Gulf region and beyond with emphasis being placed on how the existing procedures and regulations are suitable for business and contracts," he revealed.
He highlighted the need of taking advantage of the ratings of economic competitiveness issued by the World Bank while developing the country's plans for sustainable development.
"To improve the economic rating of the country and attract more foreign capital requires better policies for economic management and enhancing the investor confidence," he pointed out.
Al-Rushaid regretted the downgrading of the rating of the competitiveness of the Kuwaiti economy from the 67th rating in 2012 to the 82nd in 2013, attributing the decline to "the lukewarm economic reforms" in the country in relation to other countries in the region.
Meanwhile, Nour Al-Abdulrazzaq, member of the team, said the Thukhur report aims to facilitate the measures necessary for realizing the national ambition of transforming Kuwait into a regional financial and economic hub.
"The report has been tabled to Minister of State for Planning and Development Affairs Dr. Rola Dashti," she noted.
"The ultimate aim of the report is to raise Kuwait's economic rating through improving the investment policies," she said, affirming that the report includes specific measures that could be implemented and bear fruit in the short run.
The Thukhur team underlined the crucial importance of inter-agency collaboration and cooperation with the relevant civil society institutions to overcome the economic challenges.
Besides Minister Dashti, Al-Rushaid and Al-Abdulrazzaq, the team, formed in 2010, includes Abdullateef Al-Adwani, Humoud Sulaiman Al-Sabah, Nour Al-Qatami, Noura Al-Qabandi, Dana Al-Hammadi and lulwa Al-Munaifi.