27 April 2010
KUWAIT: A number of prominent local economists yesterday underlined the importance of the private sector's role and of small businesses in Kuwait's development. Speaking at a seminar entitled 'The Development Plan and the Future of Small Businesses,' held at the Kuwait Economic Society's (KES) headquarters, the economists argued that the privatization bill will allow Kuwait's private sector to participate in state projects and help in successfully implementing the development plan. Representing His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah at yesterday's event, transport minister Mohammad Al-Baseeri said that the plan is considered an incentive for young people to participate in the country's development and in carrying out the projects included.
State and private sector organizations are all in the same boat regarding the issue of development, said Al-Baseeri, pointing out that the plan had been approved by both government and parliament. The minister asserted that the plan would open doors for the Kuwaiti private sector and provide employment opportunities for young Kuwaitis, encouraging them to get involved in the private sector and to play an active part in contributing towards the plan's implementation. He stressed the private sector's crucial role and the importance of supporting it and allowing it to participate fully through providing it with all means of financial support.
Another speaker at the seminar, Arab Investment Company (AIC) chairman Najat Al-Soweidi, said that society would benefit greatly from the development plan since it would create a more balanced budget and increase general expenditure on development-related activities, increasing productivity and reducing the current public sector expenditure which stands at $4.5 billion annually. This can be achieved through encouraging the private sector's participation and assistance, which will maintain greater fiscal balance, said Al-Soweidi.
KES chairperson Rola Dashti said that yesterday's seminar was a prelude to the regional conference for small businesses which the society will be holding shortly. The seminar had attracted attention from young people on issues of national and regional concern related to privatization, she said. It also drew attention to the importance of young people's participation in the development cycle and in providing a stable environment in which young people can contribute towards building their nation, Dr. Dashticontinued.
She stressed the seminar's importance in representing real interaction with the transformation being witnessed in Kuwait, saying that it is clear the development plan is focused on implementing strategies that allow the private sector to perform its natural role in economic activities in order to turn Kuwaiti society into one which demands real partnership in the production and development of national wealth and the creation of real job opportunities, while reviving the role of the middle classes through productivity and working for the collective good.
Fahad Al-Joaan, a member of the Kuwait Chamber of Commerce and Industry, said that small businesses are vital in stimulating the establishment of creative initiatives that encourage young people into participating in development, thus creating a stronger partnership with the private sector. In the last few years, Kuwait has witnessed numerous public sector initiatives carried out at great cost but without any great success, said Al-Joaan, asserting that private sector businesses could perform far more effectively and efficiently in this regard.
AIC Deputy Executive Director Farad Lyan voiced hope that the seminar would help in implementing the private sector's efforts to bring small businesses to the fore. Lyan pointed out that the growth of small businesses had been crucial for the progress of the economies of developed nations.
KUWAIT: A number of prominent local economists yesterday underlined the importance of the private sector's role and of small businesses in Kuwait's development. Speaking at a seminar entitled 'The Development Plan and the Future of Small Businesses,' held at the Kuwait Economic Society's (KES) headquarters, the economists argued that the privatization bill will allow Kuwait's private sector to participate in state projects and help in successfully implementing the development plan. Representing His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah at yesterday's event, transport minister Mohammad Al-Baseeri said that the plan is considered an incentive for young people to participate in the country's development and in carrying out the projects included.
State and private sector organizations are all in the same boat regarding the issue of development, said Al-Baseeri, pointing out that the plan had been approved by both government and parliament. The minister asserted that the plan would open doors for the Kuwaiti private sector and provide employment opportunities for young Kuwaitis, encouraging them to get involved in the private sector and to play an active part in contributing towards the plan's implementation. He stressed the private sector's crucial role and the importance of supporting it and allowing it to participate fully through providing it with all means of financial support.
Another speaker at the seminar, Arab Investment Company (AIC) chairman Najat Al-Soweidi, said that society would benefit greatly from the development plan since it would create a more balanced budget and increase general expenditure on development-related activities, increasing productivity and reducing the current public sector expenditure which stands at $4.5 billion annually. This can be achieved through encouraging the private sector's participation and assistance, which will maintain greater fiscal balance, said Al-Soweidi.
KES chairperson Rola Dashti said that yesterday's seminar was a prelude to the regional conference for small businesses which the society will be holding shortly. The seminar had attracted attention from young people on issues of national and regional concern related to privatization, she said. It also drew attention to the importance of young people's participation in the development cycle and in providing a stable environment in which young people can contribute towards building their nation, Dr. Dashticontinued.
She stressed the seminar's importance in representing real interaction with the transformation being witnessed in Kuwait, saying that it is clear the development plan is focused on implementing strategies that allow the private sector to perform its natural role in economic activities in order to turn Kuwaiti society into one which demands real partnership in the production and development of national wealth and the creation of real job opportunities, while reviving the role of the middle classes through productivity and working for the collective good.
Fahad Al-Joaan, a member of the Kuwait Chamber of Commerce and Industry, said that small businesses are vital in stimulating the establishment of creative initiatives that encourage young people into participating in development, thus creating a stronger partnership with the private sector. In the last few years, Kuwait has witnessed numerous public sector initiatives carried out at great cost but without any great success, said Al-Joaan, asserting that private sector businesses could perform far more effectively and efficiently in this regard.
AIC Deputy Executive Director Farad Lyan voiced hope that the seminar would help in implementing the private sector's efforts to bring small businesses to the fore. Lyan pointed out that the growth of small businesses had been crucial for the progress of the economies of developed nations.
By Nisreen Zahreddine
© Kuwait Times 2010
