Setting up of regional Saudi business councils to boost trade exchange

RIYADH — The Saudi Foreign Business Councils Bylaw, recently approved by the Minister of Commerce Dr. Majid Al-Qasabi, has allowed the setting up of joint regional Saudi business councils that will contribute to the growth and development of economic and commercial relations between the Kingdom and the countries in the specified region.

This is on condition that the members of the Business Council are willing to work voluntarily and are capable of participating in the activities of the Business Council, taking into account in their selection, representation of the largest exporters, importers and major companies of the corresponding countries.

The regional councils will be concerned with countries that have specific economic relations or are not in demand from/in the private sector due to reasons such as the size of the state’s economy and the investment opportunities available in them.

According to the amendments to the Saudi Foreign Business Councils Bylaw, the membership fees in the Executive Committee of the Council is SR50,000 for the position of Chairman of the Executive Committee, SR30,000 for the position of Vice President, and SR10,000 for membership of the Executive Committee. As to general members of the Business Council, fees are not imposed on them.

The Business Council will consist of at least seven members, who will be nominated by the chambers and the Council of Chambers.

Meanwhile, the Secretariat of the Council of Chambers will present the list of names of candidates, but it will not choose them, to represent the largest exporters and importers, small and medium enterprises, businesswomen and large corporations.