The Chairman of the Kuwait Chamber of Commerce and Industry, Muhammad Al-Saqer, called on the private sector to stand by the Chamber against the fierce and unjustified attack it is exposed to.
He pointed out that “the KCCI team reviewed the importance of its role before the National Assembly 10 days ago in the context of explaining the main role the Chamber plays in developing the private sector,” adding, “We are staying and continuing to support and develop the private sector.”
On the other hand, Al-Saqer pit the value of claims that were subject to commercial arbitration by the specialized center at about two billion dollars.
The commercial arbitration processes, which began its activities 64 years ago, were carried out according to technical standards away from the corridors of the judiciary. Since its inception, the Center has received nearly 300 arbitration cases.
He stated that the KCCI since its first days sixty-four years ago, has been implementing and developing the role in settling commercial disputes through the Commercial Arbitration and Tariffs Committee, which developed in 1999 into the Kuwait Center for Commercial Arbitration that operates under the umbrella of the Chamber and supervised by an independent board of trustees, providing all technical and logistical facilities to resolve commercial disputes in out of court settlement, without interfering in the arbitration process itself.
Al-Saqer said on the sidelines of the legal economic forum between Europe, the State of Kuwait and the investors of the Gulf Cooperation Council countries, “It is not surprising that a chamber of commerce accepts participation in this bi-disciplinary forum, but rather it is strange that it does not. We are here in the presence of law and economics together; the law is the reason for the emergence of chambers of commerce in the world, and the economy is the goal of this existence.
He added that more than four centuries ago, in the French port of Marseille, there was a secluded room escaping from the noise of the place, in which representatives of shipping and insurance companies and owners of goods met, to deal with issues and disputes arising between them. What was decided during \ the meeting was considered final that all parties adhere to, out of respect for custom and principles of dealing.
Al-Saqer explained that today’s meeting provides an appropriate opportunity for the Chamber to confirm what it has previously put forward repeatedly, which is that Kuwait takes what many countries have taken to develop and rationalize the process of building economic legislation, through the preparation of an analytical assessment of the expected results of the proposed legislation at the economic and societal levels, indicating the objectives of this legislation, the available alternatives, and its repercussions on public finances and the competitiveness of the national economy, as well as its effects on citizens and the business sector.
“No project or economic legislative proposal reaches the stage of parliamentary discussion until after such an assessment is available to the two authorities, who remain fully entitled to take into account or not take into account the outputs and recommendations of this assessment,” he added.
He said, “It is needless to introduce the importance of the Kuwaiti-French relationship, which has been strengthened over the years, through close cooperation between the various aspects of work, finance and legal activities, and the unique economic relationship that resulted from it, as the volume of bilateral trade exceeded one billion dollars, and joint investments exceeded 550 million dollars in 2021.”
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