KUWAIT CITY, Nov. 12 (Xinhua) -- Kuwait is ready to develope digital economy as a foundation of global economy, Kuwaiti Minister of Commerce and Industry Khaled Al-Roudhan said Monday.

Al-Roudhan made the remarks on the sidelines of the inauguration of a local business forum.

Digital economy has become one of the most important and mostly used applications nowadays to the extent that it has turned into a basic foundation of the global economy, the minister said.

This virtual emerging market is predicted to grow significantly in Kuwait in the future, he noted.

Al-Roudhan revealed that special laws would be enacted to help develop pioneering businesses and support startups by the youth.

With a record number of successful technology startups, Kuwait encourages digital economy in all sectors, with incentives such as issuing electronic licenses, the Kuwaiti minister concluded.