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Thursday , February 2 2023

Kuwait Co-ops sales reach KD1bn

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KUWAIT CITY, Oct 4: Head of the Union of Consumer Cooperative Societies Bedah Al-Dossari said on Monday that the Cooperative Societies are considered the main investment centers in the country. Al-Dossari stated to KUNA that the cooperative societies’ annual sales reached one billion KD (USD 3.3 billion), and the cash flow reached 400 million KD (USD 1.2 billion).

Al-Dossari also added that the cooperative societies are following the purchasing policies on imported consumer’s items, as the supplier is required to certify their items by the Ministry of Commerce and Industry. He also added that local companies with manufactured items are required to have an existing factory that the cooperative societies deal with.

The Council of Ministers decided in 2020 that local factories are obliged to appoint 10% of their workers from Kuwaiti citizens, to provide them with support and a wider range of job opportunities. Al-Dossari confirmed that the cooperation societies are keen to allocate spaces for national products and small projects He referred to the Ministerial Resolution No. (25/T) approved in 2021, to support the promotion of the local agricultural product, saying there are too many censorship tools that might help the societies to control prices in compliance with the laws of the Union of Cooperative Societies. On the other hand, the Union has the right to punish any of the companies that fabricate any illogically increase in prices.

The cooperative movement is a pioneer with economic dimensions that contributed to the renaissance and support of national industries and the revitalization of internal and external trade. It played an important role in consolidating democratic values in society and had an impact on economic and social life in Kuwait by its prominent role in promoting cooperative and community culture. (KUNA)

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