(MENAFN- Kuwait News Agency (KUNA)) Director General of the Public Authority for Industry (PAI) Barrak Al-Sabeeh called here on Sunday for bolstering the industrial sector in Kuwait to help oil resources in boosting the national economy and beefing up productive sectors.
Addressing a seminar on the role of industry in supporting national economy, held by the Kuwait Economic Society, Al-Sabeeh said major world economies largely hinge upon industry, as small and medium-sized industries make up 75-80 percent of major economies.
Apart from investment in oil industry, the State ought to find other everlasting sources and alternatives to oil, he said, calling for pondering over how to reinforce the country's national economy in the post-oil stage.
On the State's role in drawing foreign investments, he emphasized that more investment promotion laws should be enacted, and more areas be allocated for setting up new factories, with a view to creating jobs and improving the local economy.
In this context, he said his authority is set to allocate 1030 industrial plots ranging between 1,000 and 10,000 square meters.
On the industrialists' leaving Kuwait due to failure to get industrial plots, the PAI chief said Kuwait was distinguished from many other countries in the region as it provided supportive facilities to industry, including low land prices.
The PAI is keen to resolve industrial land scarcity, he said, voicing understanding of the factors which force investors out of the country, given that investment openings should be utilized in the shortest possible time.
However, some 75 industrial plots have been withdrawn from investors who have failed to set up projects up till now. Â
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