Kuwait investigates avenues to intensify digital economy partnerships
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Kuwait's Minister of Finance, Noura Al-Fassam, had a special meeting with Dima Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO), on Sunday. Their discussion revolved around deepening collaborations in digital economy, financial inclusion, and innovation.
According to a statement from the Ministry of Finance, they talked about the DCO's endeavors in creating a favorable environment for digital economy investments and brainstormed joint initiatives supporting emerging digital ventures, not only in Kuwait but across DCO's member states.
Minister Al-Fassam emphasized the synchronicity between Kuwait's strategic priorities and DCO's goals. She highlighted Kuwait's role as a founding member of the organization and reiterated its dedication to the "New Kuwait 2035" vision. This vision prioritizes digital transformation, economic diversification, and the creation of employment opportunities through innovation and public service digitization.
She additionally reaffirmed Kuwait's role as a hub for digital investments and technological infrastructure development, underscoring the importance of sustained cooperation with the DCO, especially considering Kuwait's current presidency of the organization.
The meeting ended with an agreement to create task-specific working groups to propel forward mutual objectives in digital transformation, fintech innovation, and growing digital startups. These groups will spearhead implementing initiatives in line with the DCO's four-year strategy, aiming to quicken regional cooperation in the digital realm.
The meeting was attended by top officials from both the Ministry of Finance and the Digital Cooperation Organization. They discussed the DCO's long-term vision and its strategy to amplify digital cooperation and investment in the region.
This partnership between Kuwait and the DCO concentrates on specific initiatives and goals within digital economy, financial inclusion, and innovation sectors. These involve:
- Digital Economy Initiatives and Goals: The collaboration endeavors to digitalize government services, foster innovation, and achieve digital inclusion. It aims to build Kuwait as a regional hub for digital investments and technological development, supporting an innovation-driven economy and economic diversification.
- Financial Inclusion Efforts: The partnership is focused on enhancing financial transformation and fintech innovation to increase financial inclusion in member states. It aims to build a robust ecosystem for digital investments and entrepreneurship, particularly supporting digital startups and innovation-driven enterprises.
- Innovation and Capacity Building: The partnership stresses knowledge exchange, capacity building, and innovation in digital and financial technologies. Kuwait's role as the current chair of the DCO supports fostering regional and international partnerships in digital innovation and policy formulation.
Overall, the objective of the Kuwait-DCO collaboration is to speed up digital economic growth, amplify financial inclusion, and promote a knowledge-based, innovation-driven regional economy that is in line with Kuwait's broader Vision 2035 goals. This is ensured through working groups to ensure harmonious progress on these objectives.
- To further solidify the collaboration, Minister Al-Fassam and Dima Al-Yahya agreed to establish working groups, focused on digital economy, fintech innovation, and the growth of digital startups, aiming to leverage technology in business, education-and-self-development, and finance sectors.
- The Kuwait-DCO partnership places a strong emphasis on innovation and capacity building, utilizing technology to drive digital transformation in the finance and business sectors, while simultaneously working towards financial inclusion and digital education among their member states.
