H.E. Minister of Commerce and Industry has issued a Decree for Amending the Regulation of the Saudi Foreign Business Councils

22 Aug 2015
Taking into Account the Best Legislation, International Practices and Ways of Governance
H.E. Minister of Commerce and Industry Dr. Tawfiq Bin Fawzan Al Rabiah has issued a decree to amend the Regulation of the Saudi Foreign Business Councils, which aims to develop and consolidate the relations among the business community in   Saudi Arabia and the counterpart and friendly countries, within a systematic framework to achieve the specific objectives of the relationship with these countries. The amended Regulation will be in force as from the date of its publication on the official MCI website.
This comes from the Ministry's desire to encourage the exports through the exchange of information about the needs of goods and services in both sides, as well as holding exhibitions in such countries, also communicate with the responsible authorities in both countries in order to improve the cooperation between the two sides. Besides, overcoming the obstacles encountered by either of them. Moreover, work on the settlement of trade disputes that may arise among businessmen amicably, pay attention to training programs and the transfer of technology and knowledge.
Through the amendment work, MCI has taken into account the best legislation, international practices and the application of modern governance, so as to ensure the effectiveness of these councils. MCI also took into account the views and opinions of the specialists and officials in the relevant sectors. This came after the Ministry had conducted a survey on the draft regulations this year to solicit the views of the public.
Among the most important items contained in the amended Regulations are that to encourage exports through communication, and exchange of information on the needs of goods and services, as well as holding exhibitions in both countries, in addition to forming an executive committee, beside the membership of the Council, with at least five members and no more than nine, provided that a number of exporters should be represented in such committee.
The new amendments include originating a website for each Council to be a window of communication and for highlighting its activities and introducing its members and all topics related to its work. This site will be updated on a regular basis, along with the condition of representing the small and medium enterprises in the Executive Committee.
This Regulation also stipulates that the member of the council is not eligible to be a president or vice president in more than one Business Council, and not to combine these two positions. The member of a business council is entitled to participate in the membership of the Executive Committee of two business councils as a maximum.
It is worth mentioning that the amended regulation included 32 articles, illustrating how to set up  business councils, membership, the provisions of the Executive Committee of the Business Councils, the Councils of Coordination and development and the functions of the secretariat of the  Chambers Council, in addition to giving a definition of the atmosphere and opportunities for the direct and indirect investment, as well as strengthening and highlighting the role of the Kingdom as a trading center and as an attractive environment for investment.
Ministry of Commerce and Industry would like to invite those interested and the public to review the Amended Regulation of the Saudi Foreign Business Councils through the link: click here.​

Last Modified 26 Dec 2018