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Monday , September 28 2020

Kuwait funds 1,035 SMEs worth KD 177 mln

Al-Roudhan sponsors talks to promote homegrown goods

Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan

KUWAIT CITY, Nov 3, (KUNA): Kuwait has funded some 1,035 small and medium enterprises (SMEs) in the last three years, at a cumulative cost of KD 177 million ($584.4 million), the country’s Public Authority for Industry (PAI) said on Sunday. The information was revealed by PAI’s Deputy Director General Mohammad Al-Adwani amid talks to promote homegrown goods, sponsored by Kuwait’s Commerce Minister Khaled Al- Roudhan.

Small and medium development projects give impetus to industrial growth, besides creating ample job opportunities, said the official, saying the government has put in place an alluring business environment able to lure foreign investment. He explained that industrial output is the focal point of Kuwait’s 2035 economic development strategy, which aims to transform the country into a global commercial hub.

The government has taken tangible and concrete steps to ensure that local goods would ultimately be synonymous with world-class standards, added the official, at a time where global industries continue to achieve meteoric growth. Kuwait’s Chamber of Commerce and Industry is the driving force behind entrepreneurship in the country, said Fahad Al-Jouaan, a Board of Trustees member.

Supporting local industrial output is not only limited to the purchase of local goods, rather, it encompasses numerous factors, including keeping SMEs afloat, he added. Kuwait’s competition protection authority has been formed with the purpose of bolstering the national economy, said the watchdog’s head Dr Rashid Al- Ajmi, pointing out that the state body seeks to eliminate any forms of irregularities plaguing the local market. As an economically-free country that encourages open trade, Kuwait’s local industry sector boasts an ever-growing workforce, according to Kuwait Industries Union’s chairman Rashid Al-Kharafi.

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