RIYADH: The Saudi Ministry of Commerce has earmarked 10 priority projects in the trade and investment sector this year amid efforts to review and upgrade regulations and legislation in order, the Saudi Press Agency reported.
This move will help the Kingdom achieve the Saudi Vision 2030 objective of providing an attractive investment environment for local and international investors and enhancing the business sector’s regional and global competitiveness.
According to the news agency, the reforms would touch upon consumer protection, commercial registration, trade names, commercial transactions, mediation and the controls for establishing government firms.
The reforms will also encompass the family business charter, the corporate governance regulations, the commercial registration system implementing rules, and the trade names system implementing regulations.
The Ministry of Commerce announced these plans in its quarterly trade bulletin to support investors and entrepreneurs in making investment decisions in various economic sectors and activities based on a transparent methodology and an integrated vision to encourage diversity in commerce.
The emphasis underlines commercial activity as one of the main components of the national economy, which clocked an impressive growth of 7.8 percent last year.
This priority also cements the success of the legislative environment, facilitating procedures for business startups, elevating competitive indicators and making the business sector in Saudi Arabia attractive to the world.
The trade bulletin highlights the most prominent growth indicators in various activities and sectors, the volume of change in the records of companies and institutions, and the highest sectors that witnessed remarkable growth.
It also prepares the economy for promising sectors such as artificial intelligence technologies, computer programming, market research and opinion polls, movie production, cities, entertainment, games, hotel activities, tourism and travel.
Additionally, the bulletin also records the size of the industry and export-related data in the Kingdom, besides tracking the growth of the e-commerce sector in the Kingdom, data on the participation of women in the business, the development of financing small and medium enterprises and the contributions of legislation in improving the attractiveness of the business sector as a whole.
