Kuwait Reaffirms Commitment to Economic Stability and Sustainable Development

KUWAIT CITY: The State of Kuwait has reiterated its dedication to bolstering global economic stability and contributing to sustainable development, emphasizing the need for increased cooperation in sustainable investments and strategic projects. These commitments were highlighted during a speech by Diplomatic Attaché Shabib Al-Ajmi at the Second Committee meeting of the United Nations, which focused on macroeconomic policies. According to Kuwait News Agency, Diplomatic Attaché Shabib Al-Ajmi elaborated on Kuwait's strategic economic vision, dubbed "New Kuwait," which aims to diversify the economy away from oil dependency by focusing on sectors like renewable energy, education, and technology. Al-Ajmi underscored the fundamental role of macroeconomics in sustainable development and how it influences the living standards and quality of life globally. He highlighted that Kuwait's approach includes supporting small and medium-sized enterprises which are crucial for the economic dynamism of the country. Further, Al-Ajmi discussed Kuwait's significant strides in renewable energy through the Shaqaya project, which aims for renewable sources to produce 15 percent of the country's total electricity by 2030. This move is part of a broader effort to transition towards a green and sustainable economy. He also noted Kuwait's progress in improving its business and investment climates as evidenced by its performance in various Arab macroeconomic indicators for the year 2023. On the international front, Al-Ajmi emphasized Kuwait's role in enhancing cooperation to support policies that improve the sustainability of external debts, aligning with the Kuwait Fund for Development's goals. The Fund has assisted over 100 countries in developing their infrastructure and enhancing their educational and health sectors, reflecting Kuwait's commitment to supporting global economic stability and development. The speech concluded with a call to the international community to intensify collaboration and joint efforts in sustainable investme nts and crucial projects to tackle the unprecedented challenges facing the global economy, which include economic, geopolitical, and environmental shifts. Al-Ajmi stressed the need for balanced economic policies that ensure sustainability and social justice.