Kuwait will commence the first steps in a government restructuring plan in which some ministries will be merged while others will be abolished. The restructuring plan will stretch over the next four years and is aimed at changing the role of the government "from an operator to an organiser".
Starting in 2022, the ministries of electricity, water and oil will merge under the 'Ministry of Energy'. A new ministry for 'Economy and Trade' will also be created. The new ministry will be responsible for managing economic development, taking responsibility for the national strategy for privatization, and managing the Public-Private Partnership (PPP) Authority.
Kuwait's four year plan includes a re-assessment of investment laws, foreign ownership, bankruptcy and public-private partnership, evaluation, reform, simplification and digitization of the commercial registration process, and facilitation of procedures for obtaining credit. It also aims to expand the scope of the National Fund for the Development of Small and Medium Enterprises (SMEs) to include innovation.
Another ministry to be founded is the Ministry of Communication and Information Technology in order to develop an ICT strategy.
Local government authorities will also be restructured with new municipalities expected to be established.
Kuwait witnessed an increase in its non-oil GDP in the aftermath of the coronavirus pandemic. This was possible due to the increase in investment revenues mainly from the direct investments inside the country, and its overseas portfolio investments.
