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.
