KUWAIT CITY, June 6: The Financial and Economic Affairs Committee on Monday approved the small enterprise fund bill, but it rejected the proposal of MP Waleed Al-Tabtabaei to increase the salary of lawmakers from KD 2,300 to KD 5,750.

Committee Chairman MP Dr Yousef Al-Zalzalah explained the panel agreed on the need to establish a fund to support the small-scale industries, especially since they are considered the backbone of the Kuwaiti economy. He pointed out this sector greatly contributes to the growth of the global economy; hence, the need to enact the bill. He urged the concerned persons to comment on the proposal and their views will be taken into consideration in the second reading of the bill.

Meanwhile, committee member MP Khalid Al-Sultan confirmed the draft bill will be discussed in an emergency parliamentary session. He hopes the approval of the bill will create more jobs for Kuwaiti youths and push the economic wheel forward.

Disclosing the capital of the fund will be KD 2 billion, Al-Sultan clarified the Kuwaiti youths, who want to benefit from the fund, should present their small-scale projects. He said it is better for the youths to run their own business, instead of working for others. He believes this will improve the local economy, citing as an example the experience of China in which 99 percent of the gross domestic product comes from the small businesses and 54 percent in the US. He added there are small enterprises with an estimated value of KD 4.5 billion.

Sultan is of the view that the bill is vital to regulate the small enterprises, which will shape the future of the local economy. He also enumerated some huge companies that started as small-scale industries like Google, Microsoft and Toyota. He asserted the latter started as a small garage, but it is now regarded as one of the biggest car manufacturers in the world. He added the small enterprises will generate more jobs for Kuwaitis rather than the development plan.

Asked about the other items in the agenda of the meeting, Al-Zalzalah revealed the panel postponed deliberations on the competition bill as per the request of the government, as well as the commercial agencies bill to take into consideration the proposal of Al-Saadoun to amend a certain article and the government’s demand for more time to study the proposal.

Al-Zalzalah added a joint committee, consisting of members from the Financial and Educational Affairs panels, will meet on Thursday to look into the proposed increase in the salaries of teachers and allowances of students.