Kuwait aims to diversify economy

Kuwait sits on a wealth of oil, with 8 percent of the world’s total reserves, but the Middle Eastern country is not resting on the finite product for its future.

“This year, Kuwait’s parliament approved a $104 billion four-year development plan aimed at decreasing Kuwait’s dependence on oil, and boosting private sector participation in (different) projects,” said Kuwait Ambassador Muteb Al-Mutoteh.

By undertaking such big development plans, Al-Mutoteh noted that Kuwait will welcome Korean firms to carry out building and construction projects for oil refining, electronic power plants, infrastructure development, housing, hospitals and schools for new cities.