KUWAIT CITY: The industrial sector’s contributions to local production sits at around nine percent, Director General of the Public Authority for Industry (PAI) Mohammad Al-Ajmi said on Thursday.
In a statement to the press after the start of an industrial exhibition, Al-Ajmi said that industrial growth is a strategy to diversify the nation’s revenue pool, amidst plummeting oil prices.
Moreover, he noted that the exhibition is set to showcase recent accomplishments of the local industry and PAI’s plans to bring about an industrial boom, adding that it also aims to enhance economic knowledge.
Speaking on the exhibit, Al-Ajmi described it as a milestone that will pave the way for foreign companies to do business in Kuwait and the Gulf region.” Our industries have proven their repute and credibility in such a short time,” he added.
The PAI Director General underscored that the authority’s work is in line with the nation’s goal of transforming Kuwait into a financial and industrial hub, saying that the industrial sector needs to undergo some structural changes to bring that goal to fruition.
Meanwhile, Amru Ahmad, an official from the FrenchExpo firm, one of many international companies taking part in the exhibition, said that dependence on oil revenues is no longer acceptable.
He pinpointed the industrial sector as a viable alternative that could induce economic growth, as he acknowledged recent headway made by Kuwait in that sector.
