Many economists have lauded His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's emphasis on diversifying sources of income in his recent speech during the last 10 days of Ramadan. They view this as a crucial step towards addressing Kuwait's economic challenges, advocating for a shift towards alternative revenue streams such as tourism, agriculture, and industry.
Former Minister of Housing Yahya Al-Sumait commended the Amir's directives, aligning them with the ongoing efforts of the new reform era to reduce reliance on oil as the sole income source. He highlighted the vulnerability of oil prices to global fluctuations and stressed the urgency of translating the Amir's vision into tangible diversification measures.
Economic expert Mohammed Ramadan acknowledged Kuwait's gradual progress in diversifying income sources, urging for accelerated efforts. He noted the government's cost-cutting measures and emphasized the importance of trade expansion and service sector development for economic growth.
Abdulaziz Al-Enezi underscored the significance of economic diversification in creating job opportunities and reducing reliance on oil. He praised Kuwait's current drive towards economic revitalization through sectors like tourism, industrial cities, and prudent spending. Al-Enezi proposed reviving sectors like real estate and services, along with stimulating new industries to strengthen the national economy.
Reference from News: 'Kuwait's competitiveness hinges on economic diversity'