12 Work Priorities Topped by the Insolvency System

12 Work Priorities Topped by the Insolvency System

Official sources revealed to Al-Qabas that the Minister of Commerce and Industry, Anas Al-Saleh, together with a group of the ministry leaders, has identified 12 priorities that will constitute “a road map” of the ministry work during the coming period.

The same sources indicated that Al-Saleh will address each of the leaders responsible for individual priorities to develop a clear strategy for the implementation of the necessary actions at the relevant division or department according to a clear timetable, in order to insure that each leader shall assume full responsibilities.

However, the sources stressed that these priorities certainly do not mean that the ministry will not pay attention to other files and tasks that fall under the supervision and control of the Ministry.

The sources noted that the automation of the ministry divisions and the completion of a system of insolvency and bankruptcy laws are on the top of priorities. These are followed by the development of «two new bodies» for «standardization and specifications, and insurance» together with a new peculiar legislative structure to organize their work. Priorities also include shortening the waiting period of the eligible applicants for industrial plots.

The twelve priorities are stated as follows:

  1. Executive Regulation of the Companies Law, which is expected to be completed before the end of September.
  2. Executive Regulation of the Business Licenses Law, which ensures a high speed issuing the majority of business licenses within a few days. The Regulation is expected to be completed before the end of September.
  3. Executive Regulation of the Supervision on Commodities Trading Law
  4. The completion of the instant connection with the authorities concerned with issuing business licenses such as the Ministry of Social Affairs and Labor, Municipality of Kuwait, Kuwait Fire Service Directorate and the Public Authority for Civil Information. This is to ensure that the approvals of these authorities can be issued directly and instantaneously, without the need for the applicant to visit them. This is expected to be completed by the first week of September.
  5. Automation of the entire Division of Commercial Companies and improving the business environment thereof.
  6. Moving forward in developing the technological infrastructure at the Ministry of Commerce and Industry; equipping the Ministry with up-to-date means of action; and improving the staff performance through enrolling them to training programs that will promote performance level.
  7. Developing a system of laws on insolvency, bankruptcy and protecting the rights of creditors, in coordination with the World Bank.
  8. Developing the infrastructure necessary for small and medium-sized enterprises. This will be backed by the Board of Directors of the newly formed National Fund for Supporting Small and Medium Enterprises and through activating its role and hastening its entry into force.
  9. Developing the strategy and goals to be achieved by the Ministry of Commerce and Industry within the Kuwait Development Plan (KDP), both in the first phase of KDP, which ends in the first quarter of 2014, and the second phase which will ensue.
  10. A new law to regulate the work and activities of insurance companies and the introduction of a new authority to regulate their work.
  11. A new law for the introduction of an authority for Standardization and specifications.
  12. Shortening the waiting period of the eligible applicants for industrial plots through the expeditious completion of new industrial projects such as a Shadadiyah industrial area and Al-Naayem industrial area.

Source: Al Qabas Newspaper, Page: 25, Dated: 21 August 2013