Income In Kuwait

Alternative Sources of Income in Kuwait

Failure sometimes refers to the negative comfort that comes with staying at the same level and not trying to advance to a better place. Constantly, people ask the government: Why is Kuwait limited in its sources of income? And why does it only rely on oil as a source? In the past, before the discovery of oil, Kuwaiti people made living by diving for pearls, shipbuilding industry and the transportation of good and commerce. These were the professions that built the economy of Kuwait back then. However, now Kuwait has only one source of income, which is oil and this turning into a very big problem. According to Al Sakka (2010) an Economics professor at Kuwait University, he believes that it is necessary

Although Kuwait’s manufacturing sector is not as large as some of the other Gulf countries due to its comparatively small domestic market, it is still a main and important contributor to the economy because it is a source of non-oil export earnings ("Kuwait manufacturing | sectors such as automobiles, plastics processing, textiles, capital goods etc. with data on production, consumption, import, export, prices, trends, competition, and investment analysis," 2017). Many things have been manufactured without the need to use oil. For example, some companies in Europe have factories that produce electrical engine battery to reduce the use of oil due to its expensive nature. This places Kuwait in a critical position now since the country depends on oil. For that reason, a different plan is needed. For instance, Kuwait has entrepreneurs that create useful inventions that can help in increasing productivity. This way, the nation can take advantage of these inventions and export them abroad. The country is rich in oil and through these inventions Kuwait can increase its oil productivity and also attract other countries to take advantage of these inventions. In addition, Kuwait can also build a recycling program to acquire new customers as well as boost profits. The country should invest on recycling plants to make new products, minimize waste and increase profits. Through these inventions, Kuwait can

Presently, the country is relying so much on oil. Oil is a non-renewable energy resource. According to many studies, oil will run out in 50 to 100 hundred years. Therefore, it is crucial that Kuwait should think about the other ways of increasing profits and making money. By enhancing tourism, Kuwait can increase its revenues. It can also invest in other countries and manufacture new machinery to increase the productivity of oil. Kuwait is a rich country and almost every country wants to invest in it. Ultimately, Kuwait should encourage entrepreneurs to launch their business in the country to increase profitability and