Kuwaiti Delegation Visiting Lebanon Presents Experience Of Coping With Inflation

(MENAFN- Kuwait News Agency (KUNA)) BEIRUT, June 2 (KUNA) -- A delegation of the Kuwaiti Ministry of Industry and Commerce met on Friday representatives of Lebanese economic authorities and associations presenting to the local hosts Kuwait's experience in tackling inflation.
The meeting was held as part of a current visit by the Kuwaiti delegation in response to an invitation from the Lebanese authorities and ESCWA (the United Nations Economic and Social Commission for West Asia) to examine the Kuwaiti experience in protecting consumers and checking soaring necessities' prices.
Dr. Mohammad Al-Jalal, the assistant undersecretary for legal affairs, companies and trade permits at the Kuwaiti Ministry of Industry and Commerce, briefed the Lebanese side about legislations that had been enacted at home to reign in the inflation and keep commodities prices at reasonable levels, particularly during the peak of the coronavirus crisis,
He also spoke about the Kuwaiti Government support for traders and central markets through low taxes and securing all commodities in need for the domestic market.
For his part, Faisal Al-Ansari, in charge of monitoring prices at the Kuwaiti ministry, explained how the Kuwaiti authorities focused on maintaining prices of 39 basic products. He also shed light on safe mechanisms for raising prices while maintaining consumers' protection.
Mohammad Shuqair, the head of the Lebanese economic authorities, said he was elated with the Kuwaiti delegation's mission in the country and expressed hope that the country might witness better times with respect of the economic conditions once gas under the seabed has been extracted. He also showed optimism as a result of rapprochement among some Arab states.
Moreover, Shuqair called upon Kuwaiti entrepreneurs to invest in Lebanon particularly in promising sectors, namely the gas.
Lebanon is expected to explore for gas at an offshore zone in September -- following a US-mediated maritime border demarcation deal with the Israelis.
The Lebanese are expected to search for gas at several offshore regions, some located close to the Israeli-controlled sea areas in the south.
On Thursday, Lebanese Minister of Economy Amin Salam, who hosted the Kuwaiti delegation, said Beirut is aspiring to take lessons from Kuwait's successful experience in the consumer protection sector.
Kuwait has had a successful experience in protecting the consumer, thus Lebanon can benefit from it as a start of tackling its economic crisis, he said, affirming the dire need for checking commodities' high prices.
For his part, Al-Jalal affirmed in remarks To KUNA significance of the cooperation between the two ministries, noting that legislations in Kuwait are quite effective in keeping commodities' prices at reasonable levels.
The meeting was attended by the Kuwaiti embassy first secretary, Yassin Al-Majed. It also involved the director of Kuwait's technical apparatus for overseeing commodities' prices Faisal Al-Ansari, the public relations director Khaled Al-Abdulhadi and the secretariat head of the ministry's undersecretary office, Tami Al-Graifah. (end)


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