"MCI": Complete the review to 30 systems and legislations to comply with the Saudi vision 2030 and stimulate investment and consumer protection

20 Sep 2016
The Ministry of Commerce and Investment confirmed that it is conducting a complete review to its regulations and systems governing trade, investment, consumer protection, free labor professions, counseling and advisory to provide an encouraging environment for economic activities. This effort is in accordance with best practices that address the current challenges to expand the horizon for efficient and effective economic activities benefiting the community and its individuals adequate to the Saudi vision 2030.

The general supervisor of the Ministry's Agency for Technical Affairs at the Ministry of Commerce and Investment, the counselor Bader Al-Haddab explained that the review of the rules and regulations is going through many stages before its practically applied. And said: "We are conducting a diagnostic studies to investigate the challenges facing the traders, the investors, and the consumers to identify the opportunities and growth areas that we can develop, and we are studying the best practices in comparison to the developed countries to design the general policies suitable to the Kingdom and prepare sophisticated systems that will serve the national economy projects. "

He added: "The new systems and regulations in general, aim to facilitate business practice, reduce the cost of the procedures, provide the flexibility, transparency, and stability for business establishments to create a stimulating environment for the expansion of investments and attract more commercial projects which will enforce the national economy, in addition to care for the small and medium enterprises and develop the sustainable growth. "

Mr. Al-Haddab stated that: "MCI is working by the principle of transparency in the process of modifying the trade regulations and systems, and from this perspective, the ministry established permanent communication channels with the government and private agencies and also with specialized institutions and interested parties. The workshops, questionnaires, display of public views, discuss the private sector views and interested parties, learn from the experience of the major consulting entities inside and outside the Kingdom, are our ways to ensure the best decision-making which will benefit the traders, investors, and consumers as will. "

Pointing out the ministry's award for e-Government Achievement in the fourth session which was organized by the Ministry of Communications and Information Technology for the electronic participation community program, to involve the public in the decision-making projects.

Mr. Al-Haddab confirmed the ministry is putting a great effort in the legislative field by establishing partnerships with specialized institutions and experts, including the universities inside and outside the Kingdom to improve the quality of laws and regulations. 

He also pointed out that the ministry is building an interactive platform with the private sector to assess the rules and regulations and develop the trade and investment environment in the Kingdom. And that include establishing regular forums and gatherings to discuss the rules and regulations and the means to improve them.

Mr. Al-Haddab revealed that the ministry is working on thirty projects which include (Enterprises' system index Implementation, Enterprises' governing index, Non-profit enterprises system, and a guide to governance the family businesses and its charter directory, the trading system, the system of bankruptcy, the system of commercial accreditation, the system of business franchise, the system of mortgage, the e-commerce system, the system of commercial and industrial chambers, and the system of geographical indications).

The ministry is also working on the development of the consumer protection system which includes: (consumer protection system, commercial fraud combat, commercials organizing system).

The ministry also gives considerable attention to the development of free labor, advisory and counseling professions which include: (professional firms system, legal accountants system, and organizing the Authority of management, economy, and finance consultants). Mr. Al-Haddab stated that the ministry measures and evaluate the effectiveness and impact of existing rules and exploring legislative needs and identify opportunities and areas of growth and reform systems.
Last Modified 26 Dec 2018