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MoCI plans to implement system to monitor prices electronically

‘Cancellation of projects will shake image of Kuwait’

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

KUWAIT CITY, June 18: Minister of Commerce and Industry Khalid Al-Roudan has unveiled his ministry’s plan to implement a system for monitoring prices electronically in order to provide consumers with the price list of about 500 items weekly, reports Al-Qabas daily.

Asserting this is part of the ongoing efforts to regulate prices and protect the rights of consumers, the minister explained that the new system will allow consumers to monitor prices, compare prices in various commercial establishments, and assist the ministry in preventing unjustified price hikes. He said the project aims to create a competitive atmosphere for the commercial establishments to offer discounts and better services to consumers. He added the ministry regularly conducts inspection campaigns in cooperative societies, central markets, shops and other commercial establishments. He revealed there are 30 teams – nine main emergency teams and 21 teams affiliated to control centers in different parts of the country, those who conduct inspection tours and those with the authority to arrest.

The ministry recently issued 63 decisions on the closure of shops and commercial establishments for violating laws and ministerial resolutions. Meanwhile, the cancellation of projects will shake the image of Kuwait in front of local and foreign private companies in terms of commitment in supporting investments and offering facilities to transform the country into a regional financial center, reports Al-Rai daily quoting a reliable source from the Public Authority for Public and Private Partnership Projects. According to the source, the authority intends to invite global companies to participate in the implementation of two projects in North Zour Station to generate electricity and water installation (second and third phases), as well as the Khairan Station.

The source confirmed that the team tasked to follow up these two projects have reached an agreement with the Ministry of Electricity and Water to invite global companies. Asked about the projects in Kabad and Umm Al-Haiman after the Budgets Committee in the National Assembly cancelled the budget for the first project, the source disclosed the authority is waiting for the Ministry of Finance to refer the issue to the Cabinet as the latter has instructed the authority to complete procedures for granting the projects to investors.

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