Majid Al-Qassabi

Majid Al-Qassabi, minister of commerce and investment, announced a package of initiatives undertaken by his ministry in accordance with the NTP 2020 program.

Al-Qassabi said the ministry has paid attention for improving the trade and investment environment in the Kingdom to make it more attractive for local and foreign investment through the development of trade regulations.

The minister pointed out the initiatives will stimulate the small and medium enterprises (SME) sector, which is considered a fundamental pillar in the economic development and which will create job opportunities.

“The ministry endeavors to overcome all difficulties and obstacles to achieve success in these initiatives, ” he said.

The minister said the new initiatives would enhance consumers’ trust, as well as improve the trade and investment environment.

The ministry is seeking to develop trade and investment regulations, as well as the consumer protection rules.

The ministry also seeks to eliminate the commercial concealment phenomenon. This would enhance transparency, raise consumer confidence and provide a suitable environment for increasing trade and investment opportunities. It will also attract local and foreign investors.

Another ministry initiative aims to provide government services for local and foreign investors under a typical consolidated service centers, taking into consideration the ease of practicing business.

An added goal will focus on finding direct or indirect financing sources through the government financing parties, commercial banks and the private sector.

The ministry is also seeking to reach a high level of knowledge of the rights and duties of both the consumer and the merchant by launching various awareness campaigns and through multiple channels.

Another initiative will support SMEs with various electronic programs designed especially for this sector, including presenting available opportunities, e-services, training and consultation services and a job platform.