The Ministry of Commerce was established
by an Amiri Decree on January 28, 1963.
Another Amiri decree was issued on December
5, 1965 changing the name of the ministry
to that of Commerce and Industry. It
remained as such until March 3, 1985
when the commerce portfolio was transferred
to the Ministry of Finance and the industry
portfolio was transferred to the Ministry
of Oil.
The ministry has the following key functions
and powers:
1
To implement
the Government policy on subsidising various
items listed on the ration card, and other
necessary goods not listed on the ration
card, which are sold at fixed prices (as
per the ministerial directives) such as
construction materials (iron, sack and
bricks).
2
To control
commercial companies and public shops
according to laws and regulations; power
to issue licenses to individuals and/or
companies.
3
To boost national
exports and to strengthen Kuwait's commercial
relations with other countries.
To minimise the adverse impact of inflation,
the Ministry provides stored, strategic goods
and main materials (rice, vegetable oils,
milk powder, sugar, lentils and flour) that
can fulfil the needs of the population for
up to six months in case of an emergency.
The Ministry forbids the export of subsidised
material from the State to guarantee their
availability to citizens in sufficient quantity.
The Ministry cooperates with specialised
authorities such as the Kuwait Company for
Ration, Cooperative Societies Union and the
Kuwait Flour Mills and Bakeries Company by
providing financial subsidies to them. These
subsidies take care of raw material requirements,
rents of ordinary and cold stores, as well
as the salaries of transportation and storage
staff.