As from today, Sunday 05.03.2017, Trade and Investment combination would like to highlight the latest developments and achievements, relevant to its eight initiatives, of high priority, within the National Transformation Program 2020, and within the pursuit of realizing the Kingdom’s Vision 2030. This would enhance the consumer’s trust and protection, as well as improve and boost the trade and investment environment, also create competitive opportunities, besides providing incentives and raise the level of services by efficient qualifications and effective partnerships.
Notably, the Trade and Investment Combination has adopted a course of action, including five strategic axis, 18 strategic portfolio and 42 Initiatives: 36 related to the National Transformation Program, in addition to 171 strategic projects, each one has its own indicators, to be followed up electronically through special panel, which shows the outputs and achievements directly and immediately.
The first of these initiatives is "Rules & Regulations for the Ministry’s various sectors" , where the trade & investment combination is seeking to develop the trade and investment regulations, as well as the consumer protection Rules, in light of the Kingdom’s Vision 2030. The Ministry is working on a comprehensive review of the Rules and Regulations to provide a stimulating environment for economic activities, some of these R&R are completed, and work is underway for the development of others.
The second initiative is the "National Program for Combating Commercial Concealment" through which the Ministry seeks to eliminate the commercial concealment phenomenon. This would enhance transparency and raise the confidence and quality level, aiming at providing a suitable environment for increasing trade and investment opportunities, as well as attracting the local and global investors alike, thus making them have full confidence in our economy.
The third initiative is "The Consolidated & Comprehensive Service Centers". This initiative aims to provide all government services for the local and foreign investors, under a typical consolidated service centers, taking into consideration the ease of practicing business, besides removing any obstacles facing the start of establishing trade and investment facilities, also creating a single business platform, where the investor can find everything he needs. All that would contribute in facilitating the procedures to stimulate and enhance the investment in the Saudi market.
The fourth Initiative is "Services and Financing Solutions to support Small and Medium Enterprises Sector," which aims to find direct or indirect new financing sources through the government financing parties, the commercial banks and the private sector. This would contribute to the growth and promotion of small and medium enterprises, as well as ensure their sustainability to raise their contribution to the GDP.
The fifth initiative launched by the Ministry of Trade and Investment is: "Raise the Satisfaction and Awareness of the Consumer and the Merchant ", where the Ministry is seeking to reach a high level of knowledge of the rights and duties of both the consumer and the merchant by launching various awareness campaigns and through multiple channels, as well as launching a guide for consumer’s rights and one for the merchant’s awareness.
The Ministry was keen as well that the said initiatives should include the provision of quality, safety and standard specifications in the products before being traded, that is through the activation of statutory legislation and monitoring activities of goods sold in the Kingdom’s markets, and thus the sixth initiative was launched under the name: "The Program of Product Safety" where the trade & investment combination has developed a model for the safety of products, besides launching programs related to technical regulations for products safety, also determining the penalties for violating the technical regulations, in addition to the development of the laboratories belonging to Saudi Standards, Metrology and Quality Organization, since it is considered a national reference for checking and testing the products.
The seventh initiative comes under the title "the National Program for Enhancing Competitiveness", through which the said combination is seeking to increase the proportion of the direct foreign investment of GDP.
The eighth initiative launched by the Ministry is: "Applications and e-services for Small and Medium Enterprises Sector", through which the Ministry aims to support SME with various electronic programs designed especially for this sector, including presenting the available opportunities, e-services, training & consultation services, a job platform and others.
In that context, H.E. the Minister of Trade and Investment, Dr. Majid bin Abdullah Al Qasabi confirmed that the Ministry’s initiatives within the National Transformation Program 2020, targeting the realization of the Kingdom’s Vision 2030, has paid great attention for improving the trade and investment environment in the Kingdom, to be so attractive for local and foreign investment, as well as to encourage and promote the domestic investment, this is through the development of trade and investment regulations, also through eliminating the commercial cover up, and through various initiatives, such as raising the level of the consumer and merchant awareness and other relevant ones.
H.E. Dr. Al Qasabi pointed out that these initiatives will support and stimulate the small and medium enterprises sector, which is considered a fundamental pillar in the economic development, where it has a vital contribution in raising the GDP, in addition to its contribution in creating job opportunities for the citizens, H.E. added that: "The Ministry endeavors to overcome all difficulties and obstacles for the sake of the success of these initiatives, besides ensuring the application of such initiatives to contribute in realizing the dream of the Nation and Citizens in their pursuit towards 2030 ".
It is worth mentioning that the said eight initiatives are considered of high priority out of 36 initiatives launched by the Trade and Investment Combination, namely: Building a Consolidated Investment Identity, Developing and Building Capacity, Launching Three Branches of the Saudi Center for Commercial Arbitration, Commercial Franchise, the National Program to Enhance Competitiveness (CAP), the Transformation of the Human Resources Concept, the Development of Business Practices, Launching the National Program for Combating the Commercial Cover-up, Launching Legal Calibration Program, Applications and e-services for Small and Medium Enterprises, Launching Product’s Safety Program, Launching the Consolidated & Comprehensive Service Centers, Preparation and Implementation of a plan for Services and Industry in the Health Sector, Preparation and Implementation of a Plan for Building Materials and Devices, Preparation and Implementation of an Integrated Plan for the Transport Sector and Logistics, Awareness and Media Campaigns for SME, Establishing the National Competitiveness Center (NCC), Establishing a Recall Center for Defective Products, Establishing the Authority of Intellectual Property, Enforcement of Consumer’s Rights, Developing Rules & Regulations for the Ministry's Sectors, Developing Services and Financing Solutions for Supporting SME, Private Ownership and Venture Capital Program, Enhancing SME Contribution relevant to Supply & Provision for the Public and Private Sectors, 2030 Plan for Investment, Supporting Business Needs through Enforcing Policies and laws, Business Accelerators & Incubators, and Entrepreneurs Centers, Raising the Satisfaction & Awareness of Consumer and Trader, Protecting Domestic Products against Unfair Practices and Enable Access to Foreign Markets, SME Data Center, Companies Registration Authority, Developing International Evaluation Criteria, Developing and dissemination of Self-Employment and Entrepreneurship Culture, Preparation and Implementation of a Plan to Attract Investment and to Improve the Business Environment in Energy, Mining and Manufacturing Sectors, Digital Transformation of the Trade and Investment Combination, Establishing an Electronic Market for Commercial and Industrial Exchange & Marketing.