Kuwait eyes bigger role for SMEs in national economy

Minister of Finance Anas Al-Saleh said Monday that the Kuwaiti government is looking forwards to expanding the contribution of small and medium enterprises (SMEs) to the national economy.
The government plan of action and development plans target a bigger role for the SMEs to give impetus to the national economy and to diversify its resources away from oil industry to achieve sustainable development and welfare, Al-Saleh said at the opening session of the Kuwait forum for small and medium enterprises.
He emphasized the necessity of offering all support to SMEs to help expand the private sector and its added value to the economy.
Overcoming obstacles facing SMEs entrepreneurs, especially the finance and land, should be a top priority in the coming period, he said.
The Minister said that out of full understanding of the importance of small and medium enterprises, the government has recently established the national fund for SMEs with a total capital of KD 2 billion or (about USD 6.84 billion).
This huge sum is sufficient to finance an enormous number of SMEs, he said, adding that each enterprise is eligible to a loan of up to KD 500,000 (or about USD 1.71 million).
The forum, which is attended by a large number of officials and experts from the government, private sector and banking sector as well as entrepreneurs, tackles a plethora of issues relevant to the SMEs.
The forum's agenda includes the topics of SMEs in Kuwait reality and challenges; international SMEs success stories; investment opportunities; finance for SMEs; the strategic and legislative view to SMEs and the future vision of SMEs in Kuwait.
Source: KUNA