Al-Roudhan cites significant reforms in Companies Law

KUWAIT: Kuwait Economic Society (KES) hosted an open meeting at its headquarters in Bneid Al-Ghar on Sunday entitled "Economic Reality and Aspirations for the Business Environment" in which Minister of Trade and Industry and Minister of State for Services Khaled Al-Roudhan attended as chief guest.

In his speech, the minister Al-Roudhan said, "This is an annual meeting to discuss economic issues of the country and hold consultations with the Kuwait Economic Society on our aspirations for the future of the country's economic development. The discussion is useful for the ministry during which we used to receive good observations and suggestions from experts in addition to the recommendations being made by the KES in a thoughtful manner," he said.

Regarding the new amendment of the Companies Law, he said that the new amendment allows Kuwaiti banks with branches across Europe to issue public offering in their overseas branches.

He noted that the Ministry of Commerce and Industry has accomplished a series of significant legislative and regulatory improvements during the past three years helping Kuwait move up in Global Competitiveness Index. "The ministry's efforts came as a part of the government's efforts to realize the vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to transform Kuwait into a financial and commercial center. These achievements have been made following many seminars and workshops," he pointed out.

Roudhan noted that the Ministry has taken an important step in the development of the legislative structure by approving a series of laws. In this regard, the ministry adopted an inclusive approach that involved many relevant bodies, including public-benefit organizations, who presented their perceptions and views on country's economic growth and development and pinpointed the problems they faced in coping with global challenges.

The Ministry of Commerce has completed 12 projects in the area of mechanization. Also, six laws have been passed under the legislative reform program. "Nine other laws in legislative reform program are still underway, such as the amendment of the Family Businesses Law, Auditors Law, Amendment to the Competition Protection Law, Collective Financing Law, Civil Aviation Law, Electronic Commerce Law, Amendment to Import Law 1964, Law Establishing Kuwait Post, and the Law of Preventive Settlement, Restructuring and Bankruptcy Law," he said.
The minister said his department has "prepared" a law for audit practicing, noting auditors' key task is to screen financial data and ensure compliance of companies with the relevant laws. The draft law regulates consultancy and sets rules and criteria for auditors. The Kuwaiti government had issued, in coordination with the parliament, a number of financial, economic and investment laws, as part of the strategy to stay abreast of global economic developments.
By Faten Omar