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‘Small-sized enterprises vital to economic growth’ API chief calls for clear-cut strategy

 KUWAIT CITY, March 15, (KUNA): Secretary-General of the Arab Planning Institute (API) Bader Malallah stressed on Saturday the significance of small and medium-sized enterprises to the economic growth process. Addressing the 3rd Kuwait Investment Forum held here, he said small-sized enterprises have existed since the 1980s as a core element for boosting the competitive edge at the market, adding that small and medium- sized enterprises have become a key catalyst for economic growth in most world countries.

Small-sized enterprises should be viewed as a basic component of national economy, rather than as some sort of luxury and grandeur, he added. He listed some challenges facing small-sized enterprises as general financial conditions, labor market, economic reforms, governmental activity hegemony over economy and absence of the private sector’s role. Now that young people make up 70 percent of the Kuwaiti population and can play a key part in economic growth, an unequivocal and clear-cut strategy should be developed in order to promote small-sized enterprises and to provide a congenial investment atmosphere, he remarked. In this context, the Arab Planning Institute (API) has suggested an initiative to promote the cultural aspect and support national capabilities, Malallah pointed out. On his part, the director of the smallsized enterprise section of the Manpower and Government Restructure Program, Fares al-Enezi called for creating strategic openings for investing the capabilities and energies of young people.

To push forward small-sized enterprises, it is imperative to begin redressing imbalance in the manpower structure as Kuwaiti constitute 96 percent of manpower in the public sector and only four percent in the private sector, he pointed out. He also called for creating more jobs in small and medium-sized enterprises and for paying more heed to education output. Speakers at the two-day forum entitled: “Investment Atmosphere in Kuwait... Available Opportunities”, include academicians, experts, analysts and specialists who are expected to expound on the current financial situation in Kuwait and the overall region. The participants will mainly discuss small and medium-sized enterprises thanks to their significance to the development process in general and their ability to make use of Kuwaiti youth energies

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