Legislation to be adopted soon to improve business atmosphere – Minister

A package of legislation will be adopted in the coming period to improve the local business atmosphere in the country, said Minister of Commerce and Industry Khaled Al-Roudhan on Sunday. In a speech during the Kuwait Projects Company (KIPCO) conference, Al-Roudhan said that the legislation would focus on laws within insurance and group funding as well as an adjustment to the companies’ regulations concerning electronic voting.

He indicated that obstacles facing issuing licenses for companies were removed resulting in the approval of 24,000 licenses last year compared to 12,000 in 2017. The ministry also allowed investment companies and banks to hold general assembly meetings without prior approval from it, said Al-Roudhan.

He said that Kuwait had the capability to implement its Vision 2035 and therefore, a percentage of government spending was dedicated to small and medium-size enterprises.

On his part, deputy chairman of KIPCO Faisal Al-Ayyar said that the private sector was eager to contribute to the country’s development vision of turning Kuwait into a regional and international hub for business and commerce. Kuwait has the resources to implement the development plan, stressed Al-Ayyar who indicated that part of the transformation
included a shift into the digital realm, a step achieved in the banking sector.

This sort of shift had a positive impact on the spheres of charitable work and social services, which heavily rely on social media and the digital domain to deliver their messages and achieve their purpose.