Kuwait, China seek to diversify 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.
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.
During the forum, a number of senior officials from Kuwait and China focused on the Belt and Road Initiative (BRI) project based on international standards for globalization through economic development and artificial intelligence.
The BRI is a transcontinental, long-term policy and investment program aimed at developing infrastructure and accelerating economic integration among countries along the route of the historic Silk Road. The initiative, which was disclosed in 2013 by China's president, Xi Jinping, targets boosting the connectivity of Asian, European and African continents and their adjacent seas, founding and strengthening partnerships among the countries along the Belt and Road.
