Kuwait’s establishment of the KD one billion fund for supporting small and medium enterprises is helpful in efforts to shore up the national economy and falls in line with the national approach to diversify resources of income. This assertion was made by officials and experts, who underscored that the launch of the fund was in implementation of the unprecedented initiative by His Highness the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah.
Dr Amani Bourseli, former minister of commerce and academic professor, called in this vein for establishing an authority to oversee the launch of such ventures and limiting legal restrictions on entrepreneurs as well as diversifying the resources of funding of such projects. In this respect, commercial and Islamic banks can play a role, along with government incentives and guarantees, she opined. She called for establishing a research center to enrich the data base of this sector, which constitutes a prime factor for the diversification of the economic resources and creation of jobs in the private sector.
Moreover, it is necessary to set up a specialized training center to take charge of habilitating and training the entrepreneurs launch such projects. Dr Adel Al-Wugayyan, Secretary General of the Supreme Development and Planning Center, said the State should exert further efforts to encourage citizens, namely the young ones, to launch their own enterprises, to boost the private sector and contribute to efforts to diversify the resources of national income. Small entrepreneurs need to be backed with diverse means, namely feasibility studies, information and logistics, said Dr Al-Wugayyan.
Great news, Kuwaiti SME`s are hurting pretty bad and can defiantly use some help from their gov. Let`s beef up that private sector!
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