Abdurahman Al-Zamil, chairman of the council of Saudi Chambers, has announced the completion of a study designed for trade exchange efficiency and shelf-to-shelf shipping.

The plan aims to reduce costs of trade exchange in the world by $700 billion and increase trade growth by $1.2 billion. “The study is a key step toward enhancing the economic development process in the Kingdom as well as its position in the world economy” Al-Zamil said in a statement adding that the study will create over 100 million jobs worldwide.

He said the study, which was conducted in cooperation with the Global Coalition for Efficient Logistics (GCEL) and the economic sector at the general secretariat of the League of Arab States and a number and private agencies in the Kingdom, will be launched Thursday at a ceremony to be attended by concerned businessmen, officials and media.

Along the process, GCEL has evaluated trade efficiency in the Kingdom based on standards that include; merger, mythologies, electronic documentation, tracking and availability of information, efficient and safe shipping.

He said the study comes as part of the efforts to enhance the business sector performance in the Kingdom and to promote its presence and competitiveness in global markets, as well as to open new channels in global markets in the fields of trade finance, insurance and technology.

The study also aims at providing a realistic diagnoses of cases of lack of efficiency as regards supply chains from production through distribution, which could be enhanced by adopting means of new technology and in turn, reducing costs of trade exchange in the kingdom.

According to Al-Zamil, a number of regional and global agencies partook in implementing the study, including the international Islamic Trade Finance Corporation, League of Arab States, Saudi Ministry of Commerce, Saudi Customs, Council of Saudi Chambers, King Saudi University, Frost and Sullivan and Nielsen.

Several meetings were held with officials of public and private sectors as part of the study. A large amount of economic data was also collected.