27K Kuwaitis work in SMEs

KUWAIT: A report prepared by the AntiCorruption Authority (Nazaha) said small and medium business in Kuwait contribute around 3 percent of the gross domestic product. The report indicated the share of small and medium businesses from banks’ financing in Kuwait reached 4.6 percent. The report titled “For the Sake of Kuwait, Let Us Support Small Projects Cleanly”, said less than 7 percent of Kuwaiti manpower (around 27,000 Kuwaitis) work in the small and medium projects sector. It said Kuwait occupied 83rd place out of 190 countries last year for ease of business.

The report showed 40 percent of small and medium projects operate in the wholesale, retail, hotel and restaurant sectors, while 33 percent are in the construction and industry sectors. It said the average time of evaluating a project and approving it at the national fund is 33 days, compared to 45 stipulated in the law. The report said the importance of the small projects sector is in its close link to sustainable development, its vital role in invigorating the economy, creation of job opportunities and enhancing services, besides the ideal use of local resources and improving the standard of living.

It is not possible to reach an attractive investment environment for pioneering businessmen without creating a sound investment atmosphere that is free of corruption organizationally, administratively and procedurally. It said there are several good practices to do business, most notably to ease government procedures necessary to start a business, in addition to activating the accountability tool and involving pioneering businessmen in it, in addition to educating the civil society about the risks of corruption in general.