Kuwait among top 20 improvers in Ease of Doing Business Index

KUWAIT: The Doing Business Team at the World Bank Group (WBG) announced on its website that Kuwait for the first time joined the group of top 20 improvers in the Ease of Doing Business Index 2020 out of 190 economies included in the Doing Business report to be published officially by the end of October. This global index covers 10 key components that represent various dimensions of business regulatory environment for domestic enterprises.

This initial announcement ahead of the release of the report showed that Kuwait has enhanced business reforms in accordance with its 2035 national vision and goals. The announced improvement reflected reforms in six components covering: Starting a business, getting electricity, registering property, getting credit, protecting minority investors and trading across borders.

In this context, Kuwait Direct Investment Promotion Authority (KDIPA) announced, as head of the Permanent Committee for Streamlining Business Environment And Enhancing Competitiveness in the State of Kuwait (PCK), that the underlying significance of improving Kuwait’s position in the Ease of Doing Business Index 2020 is that it directly and indirectly contributes to making Kuwait’s investment climate more attractive and supports the attainment of the national vision 2035 and its developmental goals, which will eventually boost the expansion of the economic cycle, availing the creation of more real job opportunities for the local workforce.

This improvement capped the dedicated efforts exerted by the PCK since it was established by a Council of Ministers’ decision at the end of 2013, headed by KDIPA, with membership extended to include 11 competent government authorities, in addition to representatives of the private sector and the civil society organizations. The PCK was initiated with full support by HH the Prime Minister to serve as an active platform for coordinating national efforts, documenting reforms, raising awareness on reforms undertaken and following up their progress, as well as placing improving business environment and national competitiveness at the top priority of the government work program.

On this occasion, the PCK conveys the utmost appreciation and esteemed gratitude to HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah and to HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah for the leadership’s foresight and calls to mobilize national efforts to attain this improvement, that will support fostering Kuwait competitiveness in international indices, enabling it to assume its role as a leading financial and commercial center, augmented by the leadership’s ongoing focus on this issue, in a way that motivated all relevant parties to endorse, with competence and efficiency, their mandated responsibilities to realize this strategic goal.

HH the Amir Sheikh Sabah yesterday sent a cable of congratulations to HH the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah. In the cable, the Amir expressed his sincere congratulations on the classification of Kuwait among the list of the 20 most improved countries in the ease of doing business index issued by the World Bank Group, noting that this rating is a worthy government achievement on developing the structure of the local economy for external investment.

HH the Amir affirmed efforts exerted in this regard over the past years and the progress achieved by Kuwait in this international indicator are a model to be followed by all government bodies and a motive for further giving to serve the dear nation and the citizens. Hh the Crown Prince Sheikh Nawaf sent a similar cable to HH the Prime Minister.

Kuwait’s inclusion is due to proper and relentless reforms carried out by the government, said a minister Friday. In a press release, Deputy Prime Minister and Minister of State for Cabinet Affairs Anas Al-Saleh said the policies – adopted by HH the Prime Minister Sheikh Jaber – and the specialized reform committee formed on Dec 18, 2013 had led to the current achievement and World Bank acknowledgment. Saleh thanked all governmental authorities and entities who work very hard to improve Kuwait’s business and economic status, which earned international recognition, hoping for further efforts to introduce more reforms.

The ministry of commerce and industry underlined its eagerness to improve its various services in efforts to push the state forward on international indices. A statement issued by the ministry yesterday attributed the accomplishment to various factors, chief among them a ministry initiative to introduce e-services as well as efforts to protect the rights of investments, added the statement. With business procedures now much more simplified in Kuwait, the state will be better able to lure foreign investment, pushing it closer towards its goal of becoming a global economic hub, it said. – KUNA