“The ministry has set up a new agency for the protection of consumers, which currently publishes index of prices on a daily basis,” the minister said, adding that the index covers 27 cities in the Kingdom.

Alireza made this comment while addressing the second Jeddah Commercial Forum, which was opened at Hilton by Jeddah Gov. Prince Mishaal bin Majed.

Alireza said his ministry had taken punitive action against traders who increased prices of iron and steel, cement and barley, after receiving complaints. He disclosed the ministry’s plan to launch a public awareness program on consumer protection from Tuesday.

He highlighted the importance of the forum, adding that it would help the ministry understand the points of strength and weakness in the sector in order to take corrective measures.

The forum aims at focusing on trade issues and discussing the role of the chamber in easing regulations to ensure a steady flow of goods.

Jeddah Chamber of Commerce & Industry (JCCI) Chairman Saleh Kamel emphasized the need for taking effective measures to solve the Kingdom’s unemployment problem.

Forum Chairperson Nashwa Taher said two workshops would be held on Tuesday including one on the “Evaluation of Risks and the continuation of work in trade organizations.”

The agenda of the forum also includes alternative strategies in the business of import-export so as to avoid losses in case the volume of trade with some countries has changed, especially with countries currently witnessing turmoil such as Yemen and Syria, she said. Nashwa said it was important to be ready with crisis-management tools so as to avoid any future losses.

She said there will be workshops on the “Impact of prices on the standard of living in the Kingdom,” “Quality, specifications and commercial fraud” and “E-trade in the Kingdom.”

According to Nashwa, the topic of impact on prices will be divided into two: One about imported goods and the second on locally made products. She described the e-trade as a modern method of doing business. “This is no more a technical trade luxury. This is a real revolution in the sector of finance, business and commerce,” she added.

She noted that a number of items and commodities lack quality simply because of the practice of fraud in commercial circles. “The fake products are sold at cheap prices but their consequences are grave on health and the personal safety,” she said.

The chairperson said the topics to be tackled by the forum would, among others, include ambitions of young businessmen and women, unemployment, labor market, and small and medium projects.

“This is the first time about 10 government and private parties are getting together under one roof to discuss a number of trade issues,” she said. She also said an exhibition on commercial fraud will concurrently be held to show artificial and genuine goods.

According to Nashwa, invitations were sent to more than 2,000 persons to attend the forum. She explained that the list of invitees consisted of economists, traders, academicians and others.