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Kuwait and China seek diversifying economy via Belt and Road Initiative

Kuwait has been working on diversifying its national economy in light of economic variables, so it has made efforts to bolster cooperative ties with several partners like China and others to serve Kuwait Vision 2035.
Chinese Vice Premier Han Zheng (R) meets Kuwaiti first Deputy Prime Minister and Minister of Defense Sheikh Nasser Sabah al-Ahmad al-Sabah (L) at the Great Hall of the People on Dec. 17, 2018, in Beijing, China.

On April 6, Kuwait and China discussed promoting the digital economy during a virtual forum, with the aim of enhancing cooperation in several fields to achieve the interests of the two countries and meet aspirations of their peoples. Based on the intent to diversify its economy, Kuwait sees a digital economy as one of the most important applications in which to further invest.

Based mainly on oil,  Kuwait economy is suffering due to the drastic decrease in oil prices that was witnessed during the past period, which led to a deficit in its budget. Diversification of the economy will reduce dependency on oil and contribute to enhance its economy and therefore increase its revenue through developing more projects providing more jobs for Kuwaitis. For China, the move will boost cooperation with Kuwait and expand its business in the Gulf countries. 

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