Role of Saudi private sector to achieve Vision 2030 reviewed

Saudi Arabia's Minister of Commerce and Investment Majid Al-Qassabi speaks during a press conference on the State Budget 2018 at the Saudi Press Agency (SPA) offices in Riyadh, on December 20, 2017. (AFP)
Updated 20 November 2018
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Role of Saudi private sector to achieve Vision 2030 reviewed

  • The minister urged the province’s businessmen to submit their initiatives and vision for their sectors

JEDDAH: The minister of commerce and investment, Majid bin Abdullah Al-Qassabi, visited the ministry’s office in Tabuk on Tuesday.
The minister urged everyone to continue to perform their duties, increase their field inspection efforts, and facilitate procedures so as to provide all services required by traders and consumers.
After that, the minister met at the Tabuk Chamber of Commerce and Industry businessmen, businesswomen, and representatives of the province’s private sector.
He spoke about the private sectors’ important role in the Saudi development process and urged the province’s businessmen to submit their initiatives and vision for their sectors. He pointed out that the ministry is reviewing all initiatives and proposals submitted by the private sector to develop and improve all businesses.


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 18 June 2019
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High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.