The Global Financial Centers Index report for 2023, issued by the National Observatory for Sustainable Development and Future Foresight of the General Secretariat of the Supreme Council for Planning and Development, called for the necessity of easing restrictions imposed on foreign ownership of companies to strengthen Kuwait’s financial position, reports Al-Anba daily. The report monitored 10 recommendations to strengthen and develop Kuwait’s financial position, which included reducing licensing procedures to ensure the improvement of the business environment and providing an integrated electronic portal to serve the financial sector and investment in the country.

The recommendations are as follows:
■ Taking reform measures that support governance and the business environment to enhance competition and encourage investment. These include easing restrictions on foreign ownership of companies and improving mechanisms for allocating public lands for longer lease periods for commercial development purposes.
■ Reducing licensing procedures to ensure improving the business environment and increasing opportunities to attract various investments to the state.
■ Providing advisory support in all different areas of digital transformation to serve the achievement of the desired strategic goals and improve performance.
■ Pushing towards the importance of the digital economy and improve the quality of data, to save citizens time and increase their productivity.
■ Building national capabilities and competencies, developing skills to provide the best services at the highest levels, and developing relevant performance indicators to ensure the quality and efficiency of government services.
■ Establishing an advanced and sustainable infrastructure that keeps pace with global ambitions and developments and consolidates the country’s position globally by enhancing cooperation with leading countries and international organizations in this field.
■ Providing an integrated electronic portal to serve the financial and investment sector in the country, which contributes to supporting the wheel of economic growth and facilitating the operations of the import and export system in the country.
■ Achieving economic sustainability by developing the country’s investment sectors and diversifying the production base and sources of income.
■ Building an automated system to link local financial centers to all global financial centers and creating an integrated communication network between them.
■ Developing training and professional development methods to raise the level of performance of workers in all financial and banking sectors in the country.

 

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