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Kuwait's Commerce Ministry: Kuwait's MoU with China to expand SMEs
July 19, 2018, 4:53 pm
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Kuwait's Ministry of Commerce and Industry has confirmed that the memorandum of understanding signed recently with China in the field of e-commerce will expand the activities of small and medium-sized enterprises across the borders and promote the investment of emerging technology companies. Assistant Undersecretary for International Organizations and Foreign Trade Sheikh Nimr Al-Sabah told KUNA that the memorandum signed by the Minister of Commerce and Industry Khalid Al-Roudhan during the visit of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to China will encourage and develop trade, especially electronic trade in services and electronic goods, including entertainment, tourism and the creation of new jobs.

Sheikh Nimr added that the actual enforcement of this memorandum will start after the constitutional ratifications in Kuwait take place, pointing out that the memorandum is a great starting point for cooperation between the Kuwaiti and Chinese sides. "We are committed to supporting the growth of emerging businesses in the e-commerce sector and building strong brands that will enable us to be present in the GCC markets first and then stabilize them in the global markets with new ways to sell and promote online," he said.

The provisions of the memorandum also included the expansion of SME activities outside the boundaries in the sale and purchase, as well as the investment of emerging technology companies and the service of entrepreneurs and small and medium enterprises that had begun to operate through electronic commerce as well as the training of national cadres in that area, he noted. The MoU will also promote the sustainable and stable development of bilateral trade and activate the strategic relationship between Kuwait and China on the basis of mutual benefits, including the exchange of experiences and information in the field of e-commerce through holding workshops and training sessions, as well as launching joint projects and initiatives that serve the interests of both countries.

Sheikh Nimr said that China is very advanced in the field of e-commerce and the great benefit of this memorandum will be in the interest of the country including the exchange of experiences and training of national cadres on e-commerce through workshops. He predicted that there will be "huge investments through this memorandum in this vital field in the long run and after its entry into force."

He pointed out that working to promote and develop e-commerce services will improve the business community, especially as the world has begun to rely on them. He pointed out that e-commerce is one of the new economies in the region and is of great importance so the State of Kuwait signed a memorandum of understanding in the field of electronic commerce with China, which has great experience in this area.

Source: KUNA

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