SPA’S report sheds light on Kuwait economic progress
‘Leading economy in region’
RIYADH, Feb 25, (KUNA): A Saudi report shed light on accomplishments achieved by Kuwait at all levels, together with its promising development projects, especially in the economic realm.
The report was carried by Saudi Press Agency (SPA) on Sunday to mark Kuwait’s National Day and Liberation Day, which fall on Feb 25 and 26 respectively.
The report said the State of Kuwait was ushering in a fresh economic stage as its authorities have approved its development plan involving mega development projects in economic, energy, infrastructure, health and educational areas.
Kuwait has made much progress in its trade environment improvement over recent years thanks to its subsequent steps taken as part of the country’s 25-year holistic strategic vision lasting until 2035.
The ambitious drive is primarily intended to transform Kuwait into a regional financial and trade hub where the private sector can lead the country’s economic activities, boost its competitive edge and raise production efficiency, according to the report.
It reviewed the influential role by the State of Kuwait as a co-founder of the Organization of Petroleum Exporting Countries (OPEC) and as holder of the fifth largest oil reserves in the world.
Oil and its byproducts make up approximately 95 percent of Kuwait’s exports and 80 percent of its proceeds, it said, adding that Kuwait is a developed country of the Arab League.
Kuwait is a leading economy in the region as oil is its leading industry which covers nearly 50 percent of the gross domestic product (GDP). It also boasts petrochemical industry and construction equipment, food, garment and furniture factories, the report pointed out.
It also lauded deep and close relations between Saudi Arabia and Kuwait, which are steadily developing thanks to the wise leaderships of both countries.
Saudi-Kuwaiti cooperation does not only include political, economic and security domains but it involves cultural, sports, social and artistic areas as well, it said.
The SPA’s report also stressed the particularly distinguished relations between both countries, which have contributed to achieving a quantum leap at the Gulf level and to creating the Gulf Cooperation Council (GCC).
Trade exchange between Riyadh and Kuwait exceeded 7.69 billion Saudi riyals ($2 billion), including $1.5 billion for Saudi exports to Kuwait and $453.3 million for Kuwaiti exports to Saudi Arabia, the report noted.
Both brotherly nations are working together under the umbrella of the inter-Gulf bloc to serve the peoples of the Gulf, Arab and Muslim worlds as well as issues of justice and peace worldwide, it said.
It finally highlighted Kuwait’s great humanitarian role in aiding and helping brotherly and friendly countries in the event of disasters.