Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, November 20, 2017 07:22:01 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Strides in Industrial Development

By
23rd-Feb-2017       
Comments
Share your thought
Post a comment »
Read all () »

Kuwait has moved significantly from the fishing and pearling industrial base to a more diversified industrial base over the past six decades after the discovery of oil.
The discovery of oil in Kuwait was a crucial turning point for industrial development.
Despite the fact that Kuwait is considered an arid area, successive Governments have adopted an aggressive industrialization policy since the 1960s.
The policy envisages diversification of the economic base and providing support to oil revenues as well as relying on the private sector.
A five year development plan in 1967 was drawn to develop all economic activities in Kuwait including industry. The plan allocated 86 million KD for industrial development. As a pragmatic approach, the Government divided the investment amount between public and private sectors to encourage the expansion of industry at all levels.
The Public Authority for Industry (PAI) plans to boost Kuwait's industrial output by 25%. Industrial expansion is critical in light of persistently low global oil prices as well as Kuwait's goals to reduce dependence on oil revenue through expansion and diversification of its industrial base.
Consequently, the Government has initiated a raft of reforms aimed at reducing State subsidies in addition to intensifying its efforts to expand non-oil sectors. The Kuwait Development Plan (KDP) 2015-2020 initially envisages 4% non-oil growth to gradually accelerate to 5-6% per annum. KDP which has earmarked $ 100 billion infrastructure agenda for its targeted non-oil growth.
However, boosting industrial output, particularly in the high potential chemicals and plastics segments will also form a crucial component of economic diversification. To this end, a 200,000 sq. metre industrial complex in Al-Suaiba is being built in a joint venture local and US firms. In a further move, KPC is working on a new subsidiary, Kuwait integrated Petro Chemical Industries to carry out refinery and Petro Chemical projects.  The Company has been launched with $ 6 billion of capital. The KDIPA plans to raise Petro Chemical output to     
10.54tpa in 2019 from the current 7.57 tpa. The Kuwait Industries Union (KIU) is in the process of releasing 1056 industrial plots soon and has so far approved 230 industrial projects. The foreign investment law, 2013 will facilitate the inflow of foreign investment with upto 100% foreign equity.
At the Core Kuwait's Development Plan is an effort    
 to involve private investors through a PPP Program that currently includes projects valued at KD 10 billion mainly in power, water, waste water treatment, housing and transportation. Once fully implemented, these projects are expected to add KD 1 billion per year to capital spending, hence boosting the real GDP growth by 2%.
 In Kuwait, the PPPs have typically taken the form of a Build-Own Operate (BOT) contract. The Core advantage of the PPP in Kuwait is that they help diversify the economy as well as generate employment.
The vision 2035 envisioned in the 20 year National Development Plan that was launched in 2010 is designed to catapult Kuwait as a banking, trade and services hub for the Gulf.

Tariff
Add Rate

News Archive

Inside The New Nation

National »

GAFFARGAON: Vice-Chairman of the Central Committee of Muktijodha Sanghati Parishad Major (Retd.) Md Rezaul Karim, a veteran freedom fighter and an Awami League leader addressing a meeting on his participation in the coming National Election as a candidate from Awami League in the election area Mymensingh-10 (Gaffargaon & Pagla PS) Primary School field, Gaffargaon on Friday. Among others, freedom fighter Mofazzal Hossain, Auditor (retd.) Alhaj Abdul Karim and Ex Ward Member Saiful Islam also spoke in the meeting at Charalgi (Nidiar Char) .


Editorial »

Higher production capacity for power plants


THE state-owned power plants can't generate electricity to a minimum of their stated capacity as they lack improved technology, besides management failure to achieve the highest output as per a report in The New Nation on Sunday. The report quoting Bangladesh Power Development Board (BPDB) said its power plants can ...

International »

Hariri announces return to Lebanon as crisis simmers


AP, Paris :Lebanon's Prime Minister Saad Hariri said he will return home in the coming days from where he will declare a political stance for the first time since making a strange resignation announcement from Saudi Arabia that unleashed fears of a crisis in Lebanon.Hariri and his family met Saturday ...

International »

Trump blasts Hillary for questioning legitimacy of election result


Xinhua, Washington :US President Donald Trump on Saturday denounced allegations of Hillary Clinton who questioned the legitimacy of his victory in last year's presidential election.Calling his Democratic presidential rival the "worst of biggest loser of all time," Trump tweeted that "She just can't stop, which is so good for the ...

Business & Economy »

Md. Abdul Hamid Miah, Managing Director of Islami Bank Bangladesh Limited, receiving the 'Islamic Retail Banking Awards (IRBA) 2017' from Professor Humayon Dar, Chairman and Founder of IRBA on Tuesday at JW Marriott Marquis Hotel in Dubai. The bank achieved the award for strongest Islamic retail bank in South Asian Region conferred by UK-based financial intelligence house Cambridge IF Analytica.


Sports »

Opening ceremony of the Bengal Plastic Asian U-14 Series Tennis competition at Ramna National Tennis Complex in the city on Sunday.


Entertainment »

Documentary on Dilara Zaman


Entertainment Report :Ekushey Award winner noted actress Dilara Zaman got the house where she lived with her parents 65 years ago. After finding the house this noted actress broken down into tears because she tried to find out it for several times. This time after getting this she became excited ...

Editorial »

Engage the dignitaries for a prompt multilateral approach


FIVE foreign ministers from top Asian and European countries including a few high-ups of the European Union have started arriving in Dhaka since yesterday for discussing the Rohingya crisis with government officials. It has apparently become clear that our foreign office has finally woken up to realise that - not ...

Sports »

Asian U-14 Series Tennis competition begins tomorrow


The Bengal Plastic Asian U-14 Series Tennis competition will begin tomorrow (Monday) at Ramna National Tennis court complex in the city, said a Bangladesh Tennis Federation press release.A total of 22 boys and 15 girls' from host Bangladesh, Hong Kong, India, Korea, Philippines, America, and Sri Lanka will take part ...

Sports »

Vanderbilt guard Chelsie Hall (left) drives against Middle Tennessee guard Zeynep Canbaz (right) in the first half of an NCAA college basketball game on Friday.


Entertainment »

Bubly , Shakib Khan pair once again


Entertainment Desk :Shakib Khan is bringing a new film under his own banner SK films. Titled Priotoma and directed by Himel Ashraf, popular Dhallywood actress Bubly will be seen against King Khan in this film, informed the actor."Himel Ashraf came to me with the story plot six months ago. I ...

Entertainment »

Kajol confirms film with Parineeta director


It was being speculated that Main Hoon Na writer Rajesh Saathi was to direct Kajol in her next film with Ajay Devgn Films. The project is said to be based on Anand Gandhi's Gujarati play Beta Kaagdo.But Kajol put the rumors aside. "Pradeep Sarkar will be directing the film, and ...

City »

BNP Secretary General Mirza Fakhrul Islam Alamgir speaking at a discussion marking 41st death anniversary of Maulana Abdul Hamid Khan Bhasani organised by Bhasani Smrity Sangsad in DRU auditorium on Saturday.


International »

German parties head into long weekend of coalition talks


Reuters, Berlin :Germany's would-be coalition partners continued talks on Friday after all-night negotiations failed to produce a breakthrough, with Chancellor Angela Merkel's conservatives saying they would compromise further on climate change policies to secure a deal.The conservatives, the pro-business Free Democrats (FDP) and the Greens remained divided on climate policy ...

Editorial »

Questions over holding tax


THE government moves to increase holding tax in Dhaka and Chittagong cities by up to nine times at a time seems to be highly arbitrary that lacks reasonable justification anyway to be acceptable to the both city dwellers. People are voicing angry reaction to such move and we must say ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news