Finance Minister Participates in Human Capital Ministerial Forum in Bangkok
Finance Minister Yaqoub Al-Rafai participated in the Human Capital Ministerial Forum in Bangkok alongside World Bank experts.
Translated by Qiyas from كونا — Original source
Kuwait City, October 16 (KUNA) -- Finance Minister Dr. Yaqoub Al-Rafai participated in the Human Capital Conclave, held on the sidelines of the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in Bangkok, Thailand, from October 12 to 18.
The Ministry said in a press statement on Friday that the conclave, attended by relevant ministers from countries in the Human Capital Project Network, as well as leaders of the World Bank Group and international experts, discussed several topics, including ways to support private capital in skills development in the age of artificial intelligence (AI).
It added that the conclave also explored how to leverage private sector investments and digital tools to expand access to high-quality skills development programs for students and workers, aligning with the changing needs of employers and the labor market.
The Ministry explained that participants discussed the future of skills and the financing of their development, particularly in light of transformations related to AI and technology and the evolving needs of the labor market. They also exchanged experiences on involving the private sector in skills development and identified tools and solutions that the World Bank Group and its partners can offer in this field.
The statement noted that the conclave focused on three main pillars: the impact of AI on reshaping skills and training models; practical policies capable of mobilizing private sector investments in skills development; and the role of the World Bank Group and its partners in supporting scalable solutions in this area.
The Ministry pointed out that the choice of this year’s conclave theme comes amid growing challenges related to preparing youth for labor market requirements. Estimates by the World Bank Group indicate that approximately 1.2 billion young people will enter the working-age population over the next decade, while opportunities to acquire appropriate skills and access quality training remain limited in many countries.
It added that the World Bank Group views government funding alone as insufficient to close the skills gap of this magnitude, necessitating enhanced private sector participation in training and financing, alongside creating a suitable regulatory environment and encouraging innovative financing and investment tools for human capital development.
Also participating in the conclave were Saad Al-Rashidi, Director General of Economic Affairs at the Ministry of Finance, and Ahmed Al-Omar, Director General of General Budget and General Accounting Affairs. (End) A.K. / M.K.
