Ministry of Commerce and Industry announced the start of industrial licenses issuance for foreign investors, stressing its intention to apply the mechanism of issuing industrial licenses for national investors in the future. Therefore, it is mandatory to have valid investment license, issued by the General Authority of Investment, allowing the practice of any industrial activity.
The Ministry also called on all foreign investors to issue the necessary licenses, so as not to be subject to cease their commercial activities.
MCI has pointed out that it will start issuing the industrial licenses for foreign investors in accordance with the applied mechanism on the national investment, the investment license will be requested from the foreign investors, as a prerequisite for getting the industrial license.
This comes as an implementation of the Council of Ministers Decree No. 181 dated 05/06/1434 H, which contained the assertion that the General Authority of Investment should include the following phrase "the licensee must contact the Ministry of Commerce and Industry for getting the industrial license" for all investment licenses issued by the Authority in the industrial field.
MCI emphasizes its Permanent keen and interest in the application of the regulatory and control role to improve the industrial environment, and to free it from any systematic violations, to contribute attracting the commercial and industrial investments in the local market.