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One window licensing will ease transactions Unfazed by mounting pressure

KUWAIT CITY, Aug 24: There are indications the Ministry of Commerce and Industry’s plan to implement the single window licensing project might not be realized until 2016, reports Al- Qabas daily. A source was quoted as saying the ministry is at the crossroads as to the period in which it should reconcile the conditions of the companies, and concluding the new law.

He also said the best bet for the ministry is to start implementing the law on itself before demanding the companies to abide by it. He wondered if it is reasonable for the ministry to demand others to observe rules and regulations while it declines to do the same. He explained the single window licensing project is a major method by which the ministry intends to publicize the new Companies Law No. 25/2012 amended by Law Number 97/2013. He stated the law will ease commercial transactions in Kuwait and expedite the execution of transactions for investors, as it makes a big difference in the business environment. He revealed that investors are no longer deceived by the accomplishment of licensing within two or three days, which the ministry looks upon as an achievement.

This is because invertors have realized that temporary licenses are not possible for genuine activities until their approval is secure by other concerned authorities like Kuwait Municipality and the Ministry of Social Affairs and Labor. “Although law has been passed for over two years and the relevant by-law issued ten months back, the ministry has yet to take a decisive step in that regard”, he added.

Meanwhile, Minister of Commerce and Industry Abdulmohsen Al-Mudej is aware of the mounting pressure on him due to his alleged plan to effect changes at Kuwait Stock Exchange (KSE) in September, reports Al-Qabas daily quoting sources.

Sources said the minister is unfazed by the mounting pressure as he remains committed to his promise to take appropriate actions in the interest of the public without paying attention to the purported conspiracies against him. Sources revealed there are plans to redirect the path of partial changes in KSE by putting pressure on certain people or influencing the minister regarding the names of nominees he will submit to the Ministerial Council. Sources confirmed the minister is determined to work calmly to ensure the appointment of qualified people with the ability to realize the vision of Kuwait to become a financial center.

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