Saudi Arabia aims to improve business climate with these key strategies

The Saudi Ministry of Commerce and Investment (MOCI) has updated its eight key initiatives under the National Transformation Program 2020 in order to boost consumer confidence, improve investment climate, enhance service quality and support the small-and-medium enterprises (SMEs). The Ministry’s plan focuses on five strategic objectives, 18 portfolios, 42 initiatives—of which 36 will be implemented under the kingdom’s reform plan— and 171 strategic projects, it said in a statement posted to its website.

Argaam has compiled a list of MOCI’s key initiatives below:

1) The Ministry is planning to develop its commercial, investment and consumer protection laws in line with the Saudi Vision 2030. It is still reviewing related regulations to boost economic activity.

2) MOCI will also launch a national program called Tasattur to combat commercial cover-up in order to increase transparency, and boost local and foreign investor confidence.

3) There’s a plan to set up investor service centers, where businesses and entrepreneurs will have access to government services. These centers will serve as one-stop-shops for all investors looking to launch their businesses or solve issues that may arise.

4) Funding services will also be developed to support SMEs. New direct and indirect products will be offered by government finance agencies, commercial banks, and the private sector. The move is aimed at boosting growth of SMEs and raising their contribution to the kingdom’s gross domestic product (GDP).

5) MOCI is looking to raise awareness on consumer and merchant rights through various campaigns. Simplified guidelines will be issued to explain such rights, as well as obligations.

6) A new model for product safety will be developed, along with several technical regulations and penalties for violations.

7) A new national program aimed at increasing direct foreign investments to the kingdom will be launched.

8) The ministry will launch new online services and mobile applications to support and serve small and medium enterprises. These platforms will provide SMEs with access to cloud services, training, jobs, etc.