Saudi Ministry of Commerce spots 10 priority areas in trade for 2023

Saudi Ministry of Commerce spots 10 priority areas in trade for 2023

RIYADH: The Saudi Ministry of Commerce has earmarked 10 priority projects in the trade and investment sector this year amid efforts to review and upgrade regulations and legislation in order, the Saudi Press Agency reported.

This move will help the Kingdom achieve the Saudi Vision 2030 objective of providing an attractive investment environment for local and international investors and enhancing the business sector’s regional and global competitiveness.

According to the news agency, the reforms would touch upon consumer protection, commercial registration, trade names, commercial transactions, mediation and the controls for establishing government firms.

The reforms will also encompass the family business charter, the corporate governance regulations, the commercial registration system implementing rules, and the trade names system implementing regulations.

The Ministry of Commerce announced these plans in its quarterly trade bulletin to support investors and entrepreneurs in making investment decisions in various economic sectors and activities based on a transparent methodology and an integrated vision to encourage diversity in commerce.

The emphasis underlines commercial activity as one of the main components of the national economy, which clocked an impressive growth of 7.8 percent last year.

This priority also cements the success of the legislative environment, facilitating procedures for business startups, elevating competitive indicators and making the