Commerce minister: Kingdom is on track in trade and investments
RIYADH: Minister of Commerce and Investment Majid Al-Qassabi on Saturday said that the Kingdom is marching in a steady line in trade and investments which has resulted in a total of 7,827 foreign projects in the country.
Al-Qassabi made the statement to mark Saudi Arabia’s 87th National Day which was being celebrated by citizens and residents in all parts of the Kingdom.
The minister pointed out that the capital of licensed investment projects registered during the first half of 2017 increased by 130 percent, while 158 projects were licensed with a capital of SR3.258 billion ($868.7 million), compared to 127 projects with a capital of SR 1.392 billion during the first half of 2016.
“Work is underway to facilitate all procedures, and review legislation to stimulate the investment environment,” he added.
Congratulating King Salman and Crown Prince Mohammed bin Salman on the country’s National Day, Al-Qassabi said the precious anniversary will mark the beginning of the acceleration of bettering the legislative environment, business performance, system development, enhance technical and procedural integration, and support the investment environment.
“The system of bankruptcy, the commercial mortgage system, franchise system and e-commerce system have been already completed,” he noted.
The minister said his ministry set up a business improvement committee to launch the initiative for business practices, “Meras,” to improve the investment environment in the Kingdom
The “Meras” initiative aims to increase the contribution of the private sector to the Kingdom’s GDP, also to boost the national economy, for the realization of the Kingdom’s Vision 2030.
The main components of this initiative include “Meras” comprehensive service centers, “Meras” e-platform, consolidated access to business services, the interactive business startup guide, providing basic services from the private sector such as opening a bank account for the enterprise.
The ministry has also launched a business licensing guide for business activities, which, in its first phase, comprises 274 services provided by 26 government agencies.
As part of the integration with government agencies to improve business, he said that regulations were approved allowing foreign investors to obtain business visit visas within 24 hours and visit Saudi Arabia. It is also possible to issue immediate licenses for more than 200 activities from the Ministry of Municipal and Rural Affairs, which controls and opens the field of foreign investment to full ownership in the education and health sectors, he concluded.