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KUWAIT CITY, March 24: From food security to guiding the younger generation and offering them advice based on experiences and expertise, Minister of Commerce and Industry Fahd Al-Shariaan advised the university students to work in the private sector, saying the government sector does not have enough agility to show your energies, reports Al-Qabas daily. Speaking at a symposium on ‘The Future of Small Enterprises’ organized by the Management and Marketing Club at the College of Administrative Sciences, Al-Shariaan reassured that the food security situation in Kuwait is excellent, but strategic planning requires studying all dimensions of the repercussions of the Russian-Ukrainian war, and measuring the worst possibilities such as nuclear threats.
And he indicated that Kuwait has gone through crises, including the corona pandemic, and things were stable, although “the country is intoxicated,” noting that the challenge that may face us is the possibility of providing food commodities, reassuring that subsidies exist, but that price control is governed by several things, and the Ministry of Commerce will not tolerate With any violation of the law includes an artificially high price.
He said that the ministry issued several decisions to prevent the export of some commodities from the repercussions of the war, including stopping the export of scrap and oils, pointing to the trend towards stopping the export or re-export of poultry, as part of the ministry’s plan to achieve food security. Regarding small projects, Al- Shariaan said that they are the pulse of the economy and the generators of energy inherent in building society, pointing to their importance in diversifying the economy and the economic structure inside the country. Diversification of income sources is a necessity as well.
As part of his review of the ratings of small projects, Al-Shariaan indicated that the projects funded by the National Fund for Small and Medium Enterprises Development amounted to 1,420 different projects since its inception, 41% of which are commercial projects. Al-Shariaan pointed to the government’s interest in sponsoring youth and projects, as the Ministry of Commerce seeks to translate recommendations to young people through the facilities provided to initiators. On the protection of small projects from competition, Al-Shariaan said that there is competition in self-employment, referring to the project of business accelerators and business incubators that contribute to creating equal opportunities for projects, stressing that there are specialized committees that prioritize projects funded by the Fund in some works, but there are also Successful projects outside the box, and they should not be underestimated.
Al-Shariaan indicated that the Ministry of Commerce, as well as the National Fund are seeking to cooperate with Kuwait University, announcing the work to establish a branch of the Fund in the College of Administrative Sciences to respond to students’ inquiries. In response to a question from one of the initiators, Al-Shariaan indicated that there is cooperation between the Fund and the Public Authority Industry to provide facilities for industrial projects, as well as projects related to storage, pointing out that these items will be presented to the next Board of Directors meeting on March 29.
The Director-General of the National Fund for Small and Medium Enterprises Development, Adel Al-Hassawi, said that the fund’s goal is not only to finance projects, but to rehabilitate and train the initiator. , indicating that the matter depends on liquidity and market study, pointing out that the market is not stable so far after Corona. Types of projects financed by the National Fund are 41 percent commercial; 40 percent service projects, 12 percent industrial, five percent literal and 2 percent agricultural.