KCCI chief calls on private sector to stand by Chamber
KUWAIT: Chairman of the Kuwait Chamber of Commerce and Industry (KCCI) Mohammad Al-Sager called on the private sector to stand by the Chamber against the fierce and unjustified attack it is currently exposed to.
Mohammad Al-Sager.
He said the attacks will harm the private sector and Kuwait in general. He pointed out that the Chamber’s team reviewed the pivotal role played by the Chamber in developing the private sector and it was presented before the National Assembly 10 days ago.
Sager estimated the value of the claims that were subject to commercial arbitration by the specialized center at about $2 billion. “The commercial arbitration processes which began its activities 64 years ago were carried out in accordance with specified technical standards. Since its inception, the center has received nearly 300 arbitration cases,” he added. The arbitration activities and the specialized committee were the beginning of the Chamber’s achievements, he said.
Since its early days, the commercial arbitration and tariffs committee performed its role in settling commercial disputes, until 1999, when the Kuwait Center for Commercial Arbitration was established. It operates under the umbrella of the KCCI and is supervised by an independent board of trustees. It provides all technical and logistical facilities to resolve commercial disputes through out-of-court settlements. At the same time, it does not interfere in the arbitration process itself, he clarified.
On the sidelines of the legal economic forum held between Europe, Kuwait and investors of the Gulf Cooperation Council countries, Sager said: “It is not a surprise that KCCI accepted the invitation to participate in the forum. The law is the reason for the emergence of chambers of commerce in the world and growth of the economy is the goal of their existence.” Sager explained that Wednesday’s meeting provided an appropriate opportunity for the Chamber to confirm what it has previously put forward and Kuwait and many other countries have initiated to develop and rationalize the process of formulating economic legislation.
