KUWAIT, June 3 (KUNA) -- Providing support for young Kuwaitis
looking to develop business ideas has a pivotal part to play in driving greater
private sector growth, the National Fund for Small and Medium Enterprise
Development's Executive Chairman Dr. Mohammad Al-Zuhair said
Wednesday.
Al-Zuhair told the global publishing, research and consultancy firm Oxford Business Group (OBG) that the National Fund (NF) recognises the importance of identifying talent and an entrepreneurial spirit, including the willingness to take a risk, early on.
"Incubation for us starts at universities, the ideal place to capture the best and most creative ideas of an ambitious youth," he said. "Once students graduate there is social pressure to find a job immediately, which leads graduates to register for a government post. Our aim is to change this." The Fund was established under law 98/2013 to support the growth of small and medium-sized enterprises (SMEs), as part of a drive to create new and productive jobs in untapped areas of the economy, particularly in the non-oil sector. It provides financing and other business assistance where gaps have emerged in the market.
Al-Zuhair told OBG that the Fund will target three industry sectors in its initial phase of operation. This, he explained, drew on market research and analysis undertaken to identify which areas of business generate the highest levels of interest amongst the younger generation.
"The first will focus on ICT, which will encourage products with added value; the second on light manufacturing to primarily serve larger industries; the third on media and creative design" he said. Other applications will also be considered under a fourth program for projects that do not fit neatly into any of the three categories. He added that encouraging the private sector to lead the way in SME expansion remained a priority for the NF and is an integral part of its strategy.
The full interview with Al-Zuhair will appear in The Report: Kuwait 2015, OBG's forthcoming guide to the country's economic activity and investment opportunities. The report will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking, and other sectoral developments.
Al-Zuhair told the global publishing, research and consultancy firm Oxford Business Group (OBG) that the National Fund (NF) recognises the importance of identifying talent and an entrepreneurial spirit, including the willingness to take a risk, early on.
"Incubation for us starts at universities, the ideal place to capture the best and most creative ideas of an ambitious youth," he said. "Once students graduate there is social pressure to find a job immediately, which leads graduates to register for a government post. Our aim is to change this." The Fund was established under law 98/2013 to support the growth of small and medium-sized enterprises (SMEs), as part of a drive to create new and productive jobs in untapped areas of the economy, particularly in the non-oil sector. It provides financing and other business assistance where gaps have emerged in the market.
Al-Zuhair told OBG that the Fund will target three industry sectors in its initial phase of operation. This, he explained, drew on market research and analysis undertaken to identify which areas of business generate the highest levels of interest amongst the younger generation.
"The first will focus on ICT, which will encourage products with added value; the second on light manufacturing to primarily serve larger industries; the third on media and creative design" he said. Other applications will also be considered under a fourth program for projects that do not fit neatly into any of the three categories. He added that encouraging the private sector to lead the way in SME expansion remained a priority for the NF and is an integral part of its strategy.
The full interview with Al-Zuhair will appear in The Report: Kuwait 2015, OBG's forthcoming guide to the country's economic activity and investment opportunities. The report will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking, and other sectoral developments.
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| Project Report - Feasibility Report |
Oxford Business Group is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. The Report: Kuwait 2015 will be produced in partnership with the Kuwait Direct Investment Promotion Authority (KDIPA). (end) hb
Taken from - KUNA - Kuwait News Agency - http://goo.gl/nI4U6e
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