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Monday , February 6 2023

Economists praise steps taken by MoCI within Kuwait’s 2035 Vision

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Dev’t plans to enhance nation’s competitiveness at all levels

KUWAIT CITY, Aug 15: Economists have heaped praises on the steps of the Ministry of Commerce and Industry to prevent the circulation of “cash” in many sectors, pointing out that this comes within the framework of Kuwait’s Vision 2035, and development plans aimed at enhancing Kuwait’s competitiveness at all levels, reports Al-Rai daily. In statements to the daily said the adoption of digital payments would provide a financial record for traders with the relevant authorities, and tighten the screws on money laundering operations, in addition to relieving customers from the trouble of carrying money during their travels.

The sources indicated that the banking infrastructure is ready to help all sectors. In the transition towards digitizing payments, stressing the importance of the transition being phased, with the opportunity for all citizens and residents to enjoy digital services, by working to achieve financial inclusion in the local market.

Global trend
The former Chairman of the Board of Directors of Burgan Bank, Majed Al- Ajeel, confirmed that the adoption of digital payments has become a global trend, indicating that the steps of the Ministry of Commerce and Industry to prevent cash circulation in many sectors, including exhibitions and real estate brokerage, within the framework of the development plan and Kuwait Vision 2035.

He noted that this would increase the convenience and safety of customers in paying for their purchases, facilitate and expedite the work of companies of all kinds, and reduce suspicious operations that the local market may witness in the financial and banking area. The Chairman of the Board of Directors of the Kuwait and Middle East Company (KMEFIC), Hamad Al-Thukair, said that the transition to digital services to implement transactions is a positive step by the Ministry of Commerce and Industry, but it can be done gradually, especially since Kuwait is like the rest of the GCC markets. The Gulf Cooperation Council is considered a cash market and witnesses large transactions in “cash” by residents and citizens.

Al-Thukair said that the Ministry of Commerce should gradually shift towards the use of modern technologies in payments, and educate customers about the importance of this in combating money laundering and protecting them from theft, pointing out that in the beginning it is possible to prevent the implementation of transactions that exceed 3000 dinars except through digital devices or through checks.

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