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Nation``s five year plan focuses on Kuwait as financial, commercial center

KUWAIT, September 09 (KUNA) -- Kuwait`s five year plan seeks to transform the country into a vibrant financial center with a high capacity to attract foreign trade and investment, said state minister for housing and economic development on Thursday.
After attending an extraordinary cabinet meeting dedicated to discussing details of the state`s next five year plan (2009-`10 to 2013-`14), and in remarks to KUNA, minister Moudhi al-Humoud affirmed that the plan aimed at allowing the private sector to spearhead an economic revival that would pivot around increasing the rate of competition among businesses.
Impelling the plan, she said, would be the solid intention of the government to upgrade the nation`s crumbling infrastructure and avail the business community to an environment that would buttress all their efforts to succeed in growing the economy and the nation`s stature as a viable business and finance center.
She laid out seven objectives which the five year plan seeks to achieve : to increase the Gross Domestic Product; to diversify sources of the national income; to give ample room for the private sector to grow and lead the economy; to create means to bolster the private sector; to generate job opportunities; to boost technology and research; to update the nation`s bureaucracy; and to lay a firm foundation for a prosperous society. Stating that today`s meeting was the harbinger for more to come on how to fine-tune the five year plan, the minister estimated that the cabinet would have it ready before the official convening of the parliament`s upcoming term. On his part secretary general of the higher council for planning Adel al-Wegayyan told KUNA that the plan also envisaged mechanisms to meet the projected increase in the nation`s population and realistic solutions for the oppressive traffic situation on the country`s highways and byways. On the difference between the five year plan and the so-called government work plan, he said that the first self-evidently lasts five years whereas the second lasts four years which is ostensibly the constitutional duration for a government in regular session. Another difference is that the five year plan has to be endorsed by the national assembly and be issued thereafter as a law, whereas the government work plan would require the approval of the cabinet and does not need a law to put it in force. In recent times, he noted, the five year plan has been pulling ahead of the government work plan, underlining that the last five year plan was adopted in 1986 and was stopped in 1990 during the invasion of the regime of Saddam Hussein on Kuwait.

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