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Kuwait to boost private sector role on post-COVID economic growth

KUWAIT: Kuwait Chamber of Commerce and Industry Chief Mohammad Al-Sager addresses the assembly. – KUNA

KUWAIT: Kuwait is expanding private sector engagement as part of efforts to cushion the economic blow from the coronavirus pandemic, its chamber of commerce said yesterday, citing extensive talks over the matter.

Besides being a health crisis of epic proportions, the COVID pandemic has decimated many of the world’s economies, Kuwait Chamber of Commerce and Industry Chief Mohammad Al-Sager said amid talks over the pandemic’s impact on the economy. The chamber has “assembled a plan” to help resuscitate the national economy after the ill effects sparked by the pandemic, the official underlined, saying it involved both the public and private sectors in equal capacity.

On the plan, he said it makes clear the fact that the COVID pandemic could have possibly thrown the economy into “peril,” which necessitates immediate action in the form of relevant legislation to ensure a robust recovery. Meanwhile, the price of Kuwaiti oil went down by 25 cents to $72.99 per barrel as oppose to $73.24 pb the day before, said the Kuwait Petroleum Corporation (KPC) yesterday. -KUNA

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