"Commerce and Investment": 9 Strategic objectives and 34 initiations included in the goals of Saudi vision 2020 that will contribute to improving trade and investment environment in the Kingdom

11 Jun 2016
Focusing on improving the organizational and procedural environment along with giving the consumer interests full consideration

The Ministry of Commerce and Investment announced the strategic objectives within the national transformation program, adequate to the Saudi vision 2030 that was approved by the Council of Ministers last Monday. The goals hold nine strategic foundations and Thirty-four initiations which will contribute to the improvement and development of trade and investment environment in both of the Kingdom’s public and private sectors.
The strategic objectives of the ministry aim to provide a fair and encouraging business environment, attain the consumer trust in the products sold in the market and raising the cultivation of business entrepreneurship. They also intend to increase the contribution of small and medium enterprises in the gross domestic product (GDP) and ensure job opportunities for them. Furthermore, the objective of the Ministry will enhance and increase consumer awareness concerning the rights and the products, develop a competitiveness in the work environment and improve investment opportunities. They will also improve the regulatory and procedural environment to enable the diversity of investments.
The first strategic objectives in the Ministry of Commerce and Investment programs, emphasize the importance of providing a proper environment that secures both the rights of the consumer and the merchant as well and protect both parties from the wrong business practice. Furthermore, they aim to reinforce consumer reliance on the products sold on the market, by achieving the highest transparency and levels of organization and supervision to fulfill the standards and measurements. Also, they focus attention on the necessity to increase consumer awareness regarding his rights and the products, by raising the awareness of both the consumer and merchant towards trading and business rights and practices.
The program objectives give great importance to enhancing competitiveness in the business environment, by facilitating the practice of trade and investment and supporting business needs. They also support the policies and laws that help in establishing the Saudi Commission for intellectual property, launch the general service cyber centers for investors, creating the business center, institute companies’ registration organization, authorize the initiations of business support and stop commercial concealment practices.
Moreover, strategic objectives focus on the national plans for investment, by increasing investment opportunities from government spending program for the promising sectors, which will promote economic movement in the Kingdom. They also focus on the non-oil investment sectors, to generate more opportunities and improve the regulatory and procedural environment. Which will enable the quality of investments by facilitating the services and licenses through a unified centers.
The ministry aims to the raise the awareness of successful entrepreneurship characteristics by increasing the number of small companies and institutions, as one of the most important pillars of the youth business knowledge. As a result, this will assist in converting their ideas into successful and sustainable business enterprise. Furthermore, the Ministry support business accelerators and incubators, business entrepreneurs’ centers and the development of programs and plans that will introduce free enterprise understanding in various levels of education.
Besides, the strategic objectives that the Ministry of Commerce and Investment include increasing the financial, investment and development programs and job opportunities for small and medium enterprises. Thus, create an attractive and stimulating environment is important to establish general service centers and unified website along with providing data to the sectors when needed. They also aim to review and develop policies, procedures, and current systems.
The achievement of these objectives measured with regional and global indicators. To achieve these goals by the year 2020, the Ministry of Commerce and Investment is working toward raising consumer trust from 106 to 115 points. Also, increase the rate of goods corresponding to the specifications and standards from 62% to 80%. Moreover, the ministry set the sights on increasing the number of companies with limited liability, from 50 thousand to 104 thousand companies. Additionally, the Ministry of Commerce and investment is currently working on raising the growth rate of foreign investment from 30 billion riyals to 70 billion riyals.
The Ministry put into consideration the importance of small and medium enterprises in the Kingdom to meet the Saudi Vision goals by the year 2020. So, performance indicators aim to raise the contribution of these firms to the Gross Domestic Product (GDP) from 20% to 21%. Also, increase the number of its employees from 51% to 53%. As well as raising the contribution of the small and medium non-oil Enterprises to GDP from 33% to 35%.
The Ministry of Commerce and Investment has announced some programs and initiations to contribute to the achievement of these goals, most of which to enforce the consumer rights. Also launching legal standers to verify the accurate readings of measuring devices used in the market, such as counters and scales and other commercial measuring instruments. All that to secure the rights of the two parties and apply the proper business practices as foundations to fair competition. Moreover, the Ministry will launch the product safety program to meet the consumer expectations, ensure the that the goods sold in the market correspond with the approved standards, and establish the defective goods and products recall center.
The Ministry is always initiative in supporting business incubators and accelerators, along with entrepreneurs’ centers. Furthermore, it helps in the development and outspread of many programs that raise the understanding of free enterprise and entrepreneurship. Additionally, the Ministry contribute in the establishment of awareness and marketing campaigns, arranging seminars to small and medium enterprises. And put considerable effort in developing and fulfilling privet stocks and current equity capital programs. Moreover, launching the Franchise Program and promote and raise the contribution of small and medium enterprises in the public and private supply chains. Besides launching different phone platform applications and cyber services which are essential to support small and medium enterprises along with establishing data centers especially for these facilities.
Furthermore, the Ministry’s initiative activities included the development of financial services, developing and managing the service centers and call centers to support small and medium enterprises through their phases. Also, raise the consumer and the merchant level of awareness and support the business needs through formulating the policies and laws. And launch three branches of Saudi Center for Commercial Arbitration, establishing Saudi Council of intellectual property, and reviewing the rules and regulations of the ministry sectors.
The initiations of the Ministry of commerce and trade, focus on putting an end to commercial concealment practices by launching the national program for commercial concealment control. Also, start the general service cyber centers for investors and institute companies’ registration organization to ensure the corporation's commitment and enhance transparency and disclosure. Furthermore, protecting local industries from harmful practices in the domestic and international markets. Along with setting up a business center and initiate "Commitment" and "Known" programs.
Last Modified 26 Dec 2018