COUNCIL OF SAUDI CHAMBERS: Organized by the Council of Saudi Chambers in the Eastern Region The Ninth Ministerial Conference discusses commercial and investment incentives

Source: Council of Saudi Chambers

Council of Saudi Chambers issued the following announcement on April 4.

The Council of Saudi Chambers, in collaboration with the Chamber of Commerce and Industry in the Eastern Region, organized Wednesday the 9th Ministerial Conference on Commercial and Investment Catalysts in the Eastern Region, which is one of the initiatives of the Private Sector Stimulus Plan. Governor of the General Authority for Small and Medium Enterprises Saleh bin Ibrahim Al-Rasheed, Chairman of the Eastern Province Chamber of Commerce and Industry Mr. Abdul Hakim bin Hamad Al-Ammar Al-Khalidi, Business in the region

His Excellency the Minister of Trade and Investment, Dr. Majid bin Abdullah Al Qassabi, highlighted the approval of the Council of Ministers on the structure and the new organizational guide of the Ministry of Trade and Investment. The ministry's service centers ranked first among government agencies as the best performance according to the National Center for measuring the performance of public agencies. The Ministry of Trade and Investment is working to support the investment environment in the Kingdom. The Ministry has launched several initiatives and programs supporting the emerging companies in partnership with the Council of Saudi Chambers and Chambers of Commerce and Industry

HE Al Qasabi affirmed that the partnership between the Ministry of Chambers of Commerce and Industry and Chambers of Commerce and Industry aims at developing the business environment by contributing to overcoming the obstacles and challenges facing the private sector and working to develop mechanisms that contribute to facilitate its work and support its growth as a strategic partner in the vision of the Kingdom. The private sector stimulus plan supports the growth of the private sector and it has included four initiatives related to small and medium enterprises, stressing that the ministry is working with government agencies to fight commercial fraud because of its negative impact on the growth and sustainability of small and medium enterprises, Over the past period, more than 500 thousand products have been caught cheating in the local market

He added that the Kingdom has many economic assets which are unparalleled in the countries of the world. Here comes the role of the private sector in taking advantage of these elements and creating value added to them, and exploiting the opportunities and possibilities for developing the industry of conferences and forums.

He also pointed out that the ministry is working on establishing an electronic trading center to keep pace with changes in international trade and opening new markets for national companies. The work is based on the establishment of a small and medium enterprise lending bank to contribute to the growth of these establishments and achieve the aspirations of our wise government. The electronic system to vote the Chamber of Commerce and Industry, the first experience will be the share of the Chamber of Commerce and Industry in Onaiza

In turn, the Governor of the General Authority for Small and Medium Enterprises, Saleh bin Ibrahim Al-Rasheed, said that the Authority is working on launching a financing platform that will facilitate the small and medium enterprises to know the financing parties, the mechanism of submission and the conditions and obtaining the approval in principle. , To reach the desired goal and facilitate financing for the private sector, and strengthen the role of enterprises

He pointed out that the Authority launched the Saudi Investment Company bold, working according to three major programs, and that the company started to invest in the number of projects, the first investment in projects concluded by SABIC with small and medium enterprises through the program Nessand

He also pointed out that the Kingdom, through its vision 2030, aims to raise the volume of lending to small and medium enterprises to about 20% of the volume of lending in the Kingdom

For his part, President of the Chamber of Commerce and Industry in the Eastern Province Abdul Hakim bin Hamad Al-Ammar Al-Khalidi

That the mobility of government agencies, to develop and facilitate investment procedures in the Kingdom, deserves from us as a private sector thanks and praise to officials in those bodies

He added that the vision of the Kingdom of 2030, and the new trends in the structure of the national economy by diversifying the economic base and opening the way for the private sector to participate in drawing the course of the Kingdom's economy and maximizing the local content in the national industry, was in the beginning a new start for the sector towards enhancing its ability to implement the vision goals and aspirations

Al-Khalidi continued to aim to strengthen the partnership between the public and private sectors to attract more private investments to the various economic sectors in the Kingdom, especially the commercial and industrial sectors, which add value to the national economy.

The conference also witnessed an open dialogue on all issues and topics related to the investment incentives in the region

The conference comes as one of the initiatives of the Private Sector Stimulus Plan, which is supervised by the Ministry of Trade and Investment and following up directly by His Excellency Dr. Majid Bin Abdullah Al Qasabi, who was appointed by the Council of Saudi Chambers to enhance communication and integration between the public and private sectors

Original source: https://csc.org.sa/2019/04/04/1-6/

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Council of Saudi Chambers

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