KUWAIT: Bedah Al-Dossari, Head of the Union of Consumer Cooperative Societies said that the annual sales of cooperative societies have reached KD 1 billion, with cash flow recorded at KD 400 million.
Speaking about how co-ops are considered to be the main investment centers in the country, Al-Dossari said that the co-ops have also been consistent in observing the purchasing policies laid out by the Ministry of Commerce and Industry on the import of consumer items. He also said that local manufacturing companies were expected to have a factory in the country from where goods can be supplied to the co-ops.
Meanwhile, Al-Dossari said that the co-ops were keen to put the nationalization policies in practice, as per the Cabinet decision taken in 2020, directing local factories to appoint 10 percent of citizens as their employees.
"According to the ministerial resolution no. (25/T) approved in 2021, to support the promotion of local agricultural produce, there are many censorship laws that might help co-ops regulate their pricing strategies, so as to be in compliance with the laws of the Union of Cooperative Societies," he said, adding that the Union also has the right to penalize any companies that illegally increased their prices
"Co-ops have spearheaded the retail movement in the country, and have supported the local industries in the community and revitalized internal and external trade in the country," Al-Dossari noted. - KUNA