The Head of the Union of Consumer Cooperative Societies, Bedah Al-Dosari stated on Monday that the main investment centers in this country are the Cooperative Societies.
Al-Dossari told KUNA (Kuwait News Agency)that the cooperative societies annual sales reached one billion dinars ($3.3 billion) in addition to that the cash flow reached 400 million dinars ($1.2 billion).
Al-Dossari further explained that the cooperative societies are following the purchasing policies on all imported consumer’s items, as the suppliers are required to certify their items by the Ministry of Commerce and Industry.
He specified that local companies with manufactured items are required to possess anexisting factory that cooperative societies deal with.
Earlier in 2022, The Council of Ministers decided that local factories are obligated to appoint 10% of workers from Kuwaiti citizens. This will allow them to step in a wide range of job opportunities.
Al-Dossari confirmed that the cooperative societies are intending on allocating spaces for the purpose of national products as well as small and medium enterprise projects.
He referred to the Ministerial Resolution No. (25/T) approved in 2021, to support the promotion of the local agricultural product, saying there are plenty of censorship tools that might help the societies to control prices in compliance with the laws of the Union of Cooperative Societies.
On the contrary, the Union has the authority to punish companies who resort to fabricate illogical increase in prices.
The cooperative movement is a pioneer with economic dimensions that contributed to the renaissance as well as support of the national industries alongside the revitalization of internal and external trade.
He also informed that it played an important role in consolidating democratic values in society. It also had an impact on economic and social life in Kuwait by its prominent role in promoting cooperative and community culture.
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