(Chamber of Commerce): Adoption of AI Enhances Local Companies' Productivity and Supports Business Growth

Kuwait City, 13 October (KUNA) -- The Kuwait Chamber of Commerce and Industry emphasized today, Tuesday, the importance of local companies adopting artificial intelligence (AI) technologies to enhance productivity, develop their businesses, and create new sources of growth and job opportunities. In a press release marking the launch of the World Bank’s regional economic report titled “Bridging Gaps and Seizing Opportunities: Artificial Intelligence, Jobs, and Growth,” the chamber outlined the experience of Kuwaiti firms in embracing AI. It noted that its interventions during the report’s discussion were grounded in its understanding of companies’ needs, the barriers hindering their use of the technology, and the support required to help them integrate it into their operations. The chamber explained that this work paved the way for research collaboration between the chamber and the World Bank, which contributed to the preparation of the chapter dedicated to AI in the report. It added that the chapter examines the implications of regional conditions on trade and investment, particularly in Gulf economies. The report underscores the importance of protecting vulnerable households and restoring productive capacity, while also exploring the opportunities AI offers to boost productivity, develop businesses, and support long-term growth. These opportunities are especially significant for Kuwait as it seeks to diversify its production base and generate new sources of growth and employment. The report identifies enhancing worker productivity as one of the most prominent near-term opportunities for AI, while acknowledging the potential automation of certain jobs. It stresses that broader benefits from these technologies require skills development, infrastructure improvements, and the adaptation of applications to local languages and needs. Small and medium-sized enterprises and entrepreneurs can leverage AI tools to streamline operations, access broader expertise, and develop new products and services. The chamber reaffirmed its commitment to continuous engagement with international institutions to harness global research and expertise in meeting the needs of Kuwaiti companies. As Gulf Cooperation Council countries advance in the field of AI, the exchange of expertise becomes increasingly vital to help companies adopt the technology and boost productivity, thereby strengthening the private sector’s contribution to economic growth. (End) A.A. / A.A.H.