The Public Authority for Industry, in cooperation with the Kuwait Institute for Scientific Research, has completed a study to restructure the industrial incentives system in the State of Kuwait, which aims to develop industrial incentives system to encourage establishment and development of competitive export-oriented manufacturing industries and complementary, localized and competitive manufacturing industries in the State of Kuwait in a manner that does not conflict with obligations and duties of the State Kuwait towards bilateral, regional and international agreements. This effort goes in line with achieving the decision-makers' vision of transforming State of Kuwait into an advanced industrial country with a globally competitive economy by 2015.
The proposed industrial incentives system is consistent with local and global conditions, regional and international commitments, experiences of the new industrial countries, and the ambition of Kuwaiti officials to transform State of Kuwait into an industrial country with a competitive economy. From this standpoint, the recommendations push towards accelerating and diversifying industrial growth and towards developing industries’ ability to innovate and to continuously develop products, services and continuous production. While the proposed framework for industrial incentives is comprehensive and complementary, specific procedures have been proposed for each field, that include areas identified for conducting incentives and government intervention in product market, input market, capital market, technology, skills market, and the direct foreign investment market.
An operational plan has been developed to implement the recommendations of the proposed industrial incentives system, with identifying concerned firms.
