Kuwaiti Minister of Commerce and Industry and State Minister for Services Khaled Al-Roudhan said on Thursday that the year 2018 witnessed a quantum leap for the Kuwaiti business environment after the ministry succeeded in overcoming obstacles through a package of decisions and amendments to some laws.
In a speech published in the ministry’s annual report for 2018, Al-Roudhan said that the ministry’s decisions and laws package contributed to improving Kuwait’s ranking on the business environment improvement index, generating KD 330.87 million (about USD one billion) hike in foreign investment in the local bourse, up 455 percent from 2017.
He pointed out that the vision of the ministry in the economic reform focused on various dimensions, including a series of economic and social reforms, including the establishment of the individuals company within three working days instead of 62 days and the issuance of special licenses within five days and the reduction of licensing fees by 50 percent.
Al-Roudhan said that among the economic reforms the cancelation of the contract and rent slip during the foundation of a company, in addition to consolidation of the classification of statistical data for economic activities in government agencies with the United Nations. He pointed out that the list of achievements of the ministry during the year 2018 included the issuance of micro-licenses, mobile licenses, in addition to the launch of the national registry of small and medium enterprises and reduction of the number of applications for new projects with the adoption of two private sector incubators in the fields of agro-industries and public industries.
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