WHAT DO YOU UNDERSTAND BY THE TERMINOLOGY ‘IMPORT AND EXPORT’?
The term Import of goods refers to the goods and services that are purchased from different sources and Export of goods refers to the selling of products into different regions of the country.
The export and import of goods into the country provides a systematic as well as suitable path for development which helps commercial businesses in developing their business to greater heights. It helps various commercial business in establishing a viable trade link with the outside world and helps a great deal in creating new avenues as well as opportunities for people from different parts of the world.
Kuwait is a nation which is heavily dependent upon migrants as well as expats from various different corners of the world. The migration of people has initiated the setting up of various different businesses and establishments within the country.
The Import and Export Business is one of the most efficient businesses that are available within the country. In order to start an Import and Export Business, it is quite important that one procures an Import and Export License for legally starting the firm.
This helps in building a trusted relationship with the customers and ensures efficient handling of various business and commercial activities. The Ministry of Commerce and Industry (MOCI) is the governing body which is responsible for issuing Import and Export License for aspiring entrepreneurs and businessman in Kuwait.
- It helps various commercial business to build a trustworthy relation with the customers.
- The Import and Export License also ensures complete transparency in functioning of business.
- It helps to assure a legal sanction to the working of various firms and helps in conducting business activities without any issues.