Riyadh – Decypha: About 44 recommendations were implemented to enhance the business environment in Saudi Arabia with the participation of 24 governmental entities, according to a press release from the Saudi Ministry of Commerce and Investment.
Work is currently underway to implement 69 other recommendations as part of the National Program to Enhance Competitiveness initiative in the National Transformation Program for 2020.
Some of the recommendations implemented include issuing a business trip visa within a 48-hour period, completing system setup for new companies, forming a committee for bankruptcy protection, reducing the import and export requirement, and providing around the clock services in ports.
The initiative aims to increase investments, particularly foreign investment, from the current 3.8% of GDP to 5.7% of GDP as part of the Kingdom’s 2030 Vision. In addition, to reach the 20th ranking in the Doing Business Report and reduce the unemployment rate from 11.5% to 7%.
Furthermore, this initiative aspires to raise the Kingdom’s evaluation in the global competitiveness report from Grade 25 to 10 in 2030, and increase domestic investment ratio from 15.6% to 19% in 2030 through improving the overall investment environment.
Government agencies are collaborating on implementing 69 other recommendations within this initiative including modifying competition and government procurement systems and modifying commercial mortgage system.
The total recommendations amount to 113 spanning 8 different tracks, namely ease of launching a business, trading across borders, access to markets, strengthen trading system infrastructure, system, enhance the transparency and stability of the systems, the efficiency of the labor market, the basic rules of future competitiveness, and strengthen government competitiveness.
By Decypha News Editorial Team
