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.