The threat posed to Saudi Arabia’s trade interests by an increasing number of cases of subsidies came under spotlight at the third Jeddah Commercial Forum yesterday.

Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources for petroleum affairs, who was a key speaker at the forum, said: “Cases related to subsidy targets in principle are government programs and policies, and so the defense against such cases is the responsibility of the government.”

Prince Abdul Aziz, who also heads the Kingdom’s technical team to follow up issues of dumping and subsidy, pointed out that growing cases of subsidies and dumping against the Saudi exports of petrochemical products undermines the Kingdom’s trade interests.

The Kingdom is consolidating its efforts to counter the cases it faced with the help of a technical team headed by the Ministry of Petroleum and Mineral Resources. The Ministries of Foreign Affairs, Finance and Commerce and Industry are also represented in the committee, he said.

It has highlighted in a number of cases of dumping, subsidy and the protective measures, the prince said. Incentives for encouraging startups and discouraging the menace of cover-up businesses were strongly recommended at the forum.

The final recommendations placed a strong emphasis on the formulation of a clear mechanism to provide incentives for those who need assistance for setting up small establishments.

The formalities should be streamlined, especially to attract foreign investment in areas where there were relatively a higher number of cover-up businesses so that such people can correct their status. Such cover-ups should also be offered a grace period to enable them to do away with cover-ups and rectify the situation.

This was one of the major recommendations of the three-day forum, which was organized by the Jeddah Chamber of Commerce and Industry (JCCI).

The forum also pleaded that the private sector needs to be given a concrete role in formulating Saudization policies because of its involvement

Another recommendation stressed the need to coordinate with related ministries such as the Ministry of Civil Service and the Ministry of Education while taking decisions on Saudization. It also recommended steps to regulate the mediation activities with necessary regulations to make such activities legitimate.

At a press meeting on the second day, the conference announced the launching of a new initiative program called “Choose Your Majors” (CYM) by the JCCI aimed at guiding Saudi youths and help them build a specialized functional career and get involved with the more effective and distinguished majors in the labor market.

Ziyad Al-Bassam, member of the board of directors of the JCCI, told the media that determining ones major is one of the most important priorities in the labor market, which helps developing both governmental and private projects.

He said that throughout this program, they aim at raising the percentage of those who care about choosing their majors from the current 11 percent to 60 percent in a few years by providing the required database and update information of the most demanded majors in the labor market.