Commerce is a term used to describe the business through which goods and services are sold and purchased. Throughout history, man has engaged in various sources of livelihood that bring him benefits, including selling and buying. However, in Kuwait, there has been a conflation of the principles of commerce with wealth, to the extent that the term "merchant” has come to signify wealth, despite many merchants struggling to meet their basic needs. Commerce has become the most widespread source of livelihood, with many people unaware that the Prophet’s (PBUH) saying, "Nine-tenths of livelihood is in trade,” is considered weak.
Interestingly, merchants are adept at calculating profit and loss, unlike other professions, as their livelihood depends on these calculations. It is perplexing that the Kuwait Chamber of Commerce and Industry, a 70-year-old institution, has failed in calculating loss and profit in its relations with various sectors of Kuwaiti society.
The recent unanimous passage of a law by the National Assembly highlights the overwhelming popular desire to regulate the Chamber of Commerce and subject it to the law, similar to other legal entities. Despite claims by some to support the law, it reflects a restriction of freedom and a reduction of the chamber’s role, contrary to its wishes. Following the vote, questions arise about the chamber’s actions over the past 70 years, leading to widespread hostility among Kuwaiti people and unanimous support for the law.
Kuwait Chamber of Commerce and Industry has given the impression, whether accurate or not, that it wields influence over the country’s economic and political decisions. This perception has consequences, as the chamber is held responsible for societal issues, such as high prices of goods, soaring real estate prices hindering youth from homeownership and interference in elections, contributing to the loss of public sympathy.
The majority of individuals controlling the Chamber of Commerce and Industry are influential but lack a robust reliance on graphic readings, scientific surveys and critical analysis. The outcome, though delayed due to economic and political challenges over the past 50 years, is a unanimous passage of the chamber organizing law.
The prevailing mentalities within the chamber must change for the benefit of the youth and not just the heirs. Kuwait’s industry was supposed to diversify beyond oil, providing a new source of income. Recognizing the past and present contributions of men and women in business and industry who have sincerely supported the country, it is crucial for the chamber to evolve, responding to citizens’ needs, promoting inclusivity and preparing for a new era in Kuwait.
In this new Kuwait, the chamber should be at the service of the entire population, not just a minority, addressing the needs of all youth without discrimination. By doing so, the Chamber of Commerce and Industry can contribute to the advancement of true commerce and effective industry, becoming a vital component of future development.
local@kuwaittimes.com