The Kuwait Economic Society presented updates on the emirate’s developing role in the global economy with industry speakers and several roundtables at its recent eighth Scientific Forum in Kuwait City.
"Kuwait and Diversification of Economic Base" feastured opening remarks by Commerce and Industry Minister Yousef Al-Ali, who stressed the society’s gratitude to Kuwait’s leader, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, for strong support of the event.
Kuwait Economic Society Chairman Faisal Al-Bader detailed the significance of the forum and its potential role in diagnosing the glitches of economic imbalance in the emirate. The country’s biggest hurdle, he said, is to involve citizens in economic change via small and medium-size businesses with entrepreneurial support.
Abdulwahab Mohammed Al-Rushaid, who headed the forum’s organizing committee and serves on its board of directors, raised a key issue: confronting the effects of the global economy on oil-exporting jurisdictions.
Panel discussions addressed Kuwait’s current economic challenges, diversification needs and possible solutions.
Specific issues related to the country’s labor market demographics, unemployment statistics and the risks associated with a popular culture of profit in need of refinement.
Panelists debated ways of achieving a stronger national institutional structure to enable rather than impede business growth by allowing markets to become more autonomous.