The Ministry of Commerce, in collaboration with various stakeholders, has played a pivotal role in enhancing the Kingdom's performance in several global competitiveness indicators in 2023. This progress is a result of the development of legislative and procedural frameworks aimed at improving the business environment.
In the IMD World Competitiveness Annual Report for 2023, the Kingdom achieved a remarkable 17th position out of 64 countries, marking its debut among the top 20 most competitive nations globally.
Regarding trade-related indicators, the Kingdom earned the third position globally in the Digital Transformation of Companies index, reflecting its emphasis on the corporate sector, automation of services, and the implementation of a new Companies Law to boost the national economy.
Furthermore, the Kingdom secured the third position globally in the Cost of Capital index, encouraging business development. It also performed well in the Consumer Price Inflation index, ranking globally fourth. Additionally, it made a significant leap from 54th place in 2022 to the fourth position in the Trade Exchange Index (measuring the value of exports compared to imports).
In terms of supporting business establishment through legislation, the Kingdom climbed nine positions to attain the seventh global rank. Moreover, in the Large Companies Index characterized by efficiency and high standards, the Kingdom leaped twelve positions to secure the tenth global position. These advancements provide a positive outlook for both local and foreign businesses looking to invest and operate in the Kingdom.