Supporting local products serves Kuwait’s income diversification goals: Govt official
Kuwait funded 1,035 SMEs in 3 years with total cost of KD 177 million
KUWAIT: Supporting local products is a main focus for the Kuwaiti government to achieve its strategic goal of diversifying sources of income, a government official said yesterday. “The government has prioritized industry for its ‘New Kuwait 2035’ plan,” said Mohamed Al-Adwani, Deputy Director-General of the Public Authority for Industry (PAI). “It also embraced the establishment of industrial cities with good infrastructure and convenient facilities, health services, commercial activities and services for SMEs, providing a legislative structure that allows the issuance of licenses easily”
Adwani was speaking on behalf of Minister of Commerce and Industry and State Minister for Services Affairs Khaled Al-Roudhan during the inauguration of the ‘Supporting Local Product’ forum, which kicked off yesterday at the Diamond Hall of Sheraton Hotel. Organized by NoufEXPO and held under the minister’s patronage, the forum is an initiative by Kuwait Journalists Association and Kuwait Association for the Protection of Industrial Properties in cooperation with Kuwait Industries Union.
Adwani stressed that the government is encouraging local products and supporting Kuwaiti industries. “Kuwaiti substitutes for imports is a basic goal for the state. The domestic industry sector is a pillar of the national economy, so important steps have been taken in order to strengthen it to be competitive in the domestic and neighboring markets, and encourage investors to launch new industries, especially in light of the rapid acceleration in global industries and the emergence of renewable energy industries every year,” he said. Adwani also highlighted Kuwait’s efforts in supporting small and medium enterprises (SMEs), noting that the government has funded around 1,035 SMEs with a total cost of KD 177 million in the past three years.
In the meantime, panel member MP Salah Khorsheed stressed the need to support small private enterprises and make procedures easier. “Small- and medium-sized enterprises are the ones that need the most support from the government. Other countries invest in those who put their ideas, efforts and money to create a project,” he said.
KJA Secretary and Head of the Organizing Committee Adnan Al-Rashed thanked the participants and all companies and establishments that sponsored the forum, saying the forum placed its belief in Kuwaiti products to support all effective contributions to diversify the economy and discuss means of achieving the goal of providing the best ways to help Kuwaiti products occupy a competitive place locally and internationally. The two-day forum was held under the slogan ‘Our Industry is Our Pride’, which reflects the confidence of the organizers in the quality of Kuwaiti products.