Developing Kuwait's economy and turning the country into a financial center is the task of all sectors, said Deputy Prime Minister, Minister of Commerce and Industry Abdulmohsen Al-Madaaj.
Al-Madaaj's statement was quoted by Assistant Undersecretary of the Ministry of Commerce and Industry Fawaz Al-Shallal on Sunday at the opening of the conference on the future of Kuwait's financial market and developing the Stock Exchange, under the theme "Way to the Financial Center".
The financial market is a key element in determining the performance of the country's economy and stock exchange, said Al-Shallal, noting the importance of the recently-issued law on commerce and financial markets.
Meanwhile, the official said that the event is an opportunity for experts and investors to discuss different economic topics and come up with solutions to develop the sector.
Al-Shallal also noted that he believes in the possibility of cooperation between different bodies to establish a strong regional financial market and stock exchange.
Kuwait will take several steps in order to take the economy to the next level, he said. Those measures will include encouraging investment, building the trust of investors, increasing the capital and encouraging creativity for investment companies.
Chairman of the Board of the Capital Markets Authority (CMA) Ahmad Marafi, on his part, said that the authority is working on making the financial market follow international measures in all of its activities.
CMA is cooperating with specialized international organizations to benefit from their expertise in developing abilities, learning about the different points of views on international investors and taking Kuwait's financial market to an advanced level in the world's categorization, he noted.