Kuwait among top 20 improvers in Ease of Doing Business Index out of 190 economies
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. – KUNA