Finance Minister: Economic Diversification, Strengthening the Private Sector, Improving Business Environment, and Digital Transformation are Kuwait's Key Priorities

Finance Minister Yaqoub Al-Rifai, in his remarks during a meeting of Arab governors with Ajay Banga, President of the World Bank Group, emphasized the importance of strengthening cooperation with the Group to support sustainable economic growth in the Middle East and North Africa region. He noted that economic diversification, enhancing the role of the private sector, improving the business environment, and digital transformation represent key priorities for the State of Kuwait.

Al-Rifai also highlighted the importance of investing in infrastructure and human capital, supporting innovation and entrepreneurship, and creating job opportunities, particularly for youth. He commended the World Bank Group’s efforts in supporting economic reforms, stimulating investment, and enhancing competitiveness, reaffirming Kuwait’s commitment to continuing partnership and cooperation to contribute to the development and prosperity of countries in the region.

In a press statement issued today, the Ministry of Finance said that Arab governors discussed the importance of enhancing the representation of Arab professionals within the World Bank Group, particularly in managerial and leadership positions, and expanding opportunities for professional development and access to decision-making roles for Arab talent, in line with the principles of meritocracy, diversity, and geographic representation.

The ministry’s statement added that the meeting addressed several priority economic and developmental issues for Arab countries, foremost among them supporting growth, creating jobs, strengthening the resilience of economies to recover and face challenges, as well as mobilizing private sector investments to contribute to financing development and reconstruction efforts.

It noted that the meeting discussed the importance of increasing investments in energy, water, food security, and digital infrastructure sectors, and enhancing regional connectivity to boost productivity, support growth, and create jobs, alongside supporting small and medium-sized enterprises and enhancing their role in economic activity.

The statement clarified that the meeting explored ways to leverage digital transformation and artificial intelligence, and to develop human capital by building accessible and flexible digital infrastructure, strengthening countries’ readiness to adopt AI applications and digital technologies, and developing training, qualification, and skills programs aligned with the changing needs of the labor market, with a focus on empowering youth and women to benefit from emerging economic opportunities.