(MENAFN - Kuwait News Agency (KUNA)) Minister of Commerce and Industry Anas Khalid Al-Saleh said Sunday the Kuwaiti cabinet attributes great importance to the projects launched by youth entrepreneurs and works to improve their skills.
"The youth entrepreneurs play a key role in socio-economic development," the minister told reporters after opening the Connect Expo for small and medium enterprises (SMES).
The exposition is being held under auspices of the Amiri Diwan's National Youth Project.
"The Ministry of Commerce and Industry started implementing a range of policies and programs that aim to improve the industrial business atmospheres, " he stated.
"The new business law aims primarily to amend several loopholes that were discovered in the old law over the last five decades," he said, noting that such loopholes hampered the development of big industrial and commercial projects as well as the SMEs.
Al-Saleh added that his ministry made a great progress in cutting the red tape through leveraging the electronic system for handling the applications of investors and entrepreneurs, and "the one-window project." He also highlighted the significance of "the national SMEs law," the law on investment promotion and the commercial franchises law, saying these laws will encourage the youth entrepreneurs to enter the business market.
"An interagency commission, involving the Ministry of Commerce and Industry, the Public Authority for Civil Information (PACI), the Civil Service Commission (CSC), Kuwait Municipality and other concerned state departments has been formed to advance the efforts to end red tape in commercial and industrial franchises," he revealed, adding that the commission has a six-week mandate to finalize its work.
Meanwhile, Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Sabah said the National Youth Project, sponsored by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, reflects HH the Amir's care for youth entrepreneurs.
"The project plays an important role in building the capacity of Kuwait youths and creating the business-friendly atmospheres; it works as a liaison between political leadership and the youths," Sheikh Salman underscored.
He added that preparations are underway for holding the national youth conference in March which will culminate in the adoption of the declaration setting forth the aspirations of the youth for the future.
Advisor to the Amiri Diwan Dr. Youssef Al-Ibrahim, who was also attending the opening session of the Expo, said the National Youth Project serves as a standing youth council.
It implements several vital projects, organizes conferences and expositions and suggests initiatives for solving the problems of youth entrepreneurs, he added.