Record of Accomplishments Mark Kuwait Cabinet's First Year of Office
Kuwait's Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah (http://www.pm.gov.kw/cv.asp) and his cabinet have accomplished several goals in their first year working together, Arrouiah (http://www.arrouiah.com) newspaper reported last week. This is the sixth cabinet during the tenure of Sheikh Nasser as Prime Minister. In a year in which the Prime Minister withstood a grilling, or questioning, by Parliament, Arrouiah said that Sheikh Nasser has propelled Kuwait forward with establishing a development plan for the nation's infrastructure, reforming its stock exchange and reducing the tax paid by investors.
"The National Assembly's renewed confidence in the cabinet of Sheikh Nasser Al-Mohammad paved the way for a new era of cooperation and understanding between the government and the Assembly resulting in the passing of a number of legislations," Arrouiah reported in part one of a two-part series detailing the Prime Minister's accomplishments in the last year.
Sheikh Nasser presented a development plan (http://www.pm.gov.kw/detail.asp?nc=1019) for the first time in almost a quarter of a century. The plan was approved by the National Assembly in early 2010 and commits approximately KD 37 billion for carrying out development projects in various economic and social sectors.
Also, Prime Minister Nasser submitted and passed legislation reforming the Kuwaiti Stock Exchange (http://www.kuwaitse.com/PORTAL/DEFAULT.ASPX) for the first time since its inception 48 years ago. The government created an independent, five-member Capital Market Authority to regulate the stock market. Economists hailed the move as a boost to economic development.
And in an effort to attract foreign investment, Prime Minister Nasser pushed financial legislation lowering the tax rate on investors from 15% to 5%. These reforms, combined with several new economic agreements with foreign governments, are part of the Prime Minister's progressive approach to governing, said Arrouiah.