Reforms shaping the new Saudi business landscape

Crown Prince Muhammad Bin Salman has pushed through social and economic reforms as part of the plans to modernize the Kingdom and attract foreign investment under a diversification drive

  

RIYADH — A virtual dialogue to discuss the recent reforms that have been implemented in Saudi Arabia in an effort to ease conducting business by creating and fostering a fair and transparent playing field was held under the aegis of the American Chamber of Commerce Saudi Arabia (AmChamKSA) and the Saudi Arabian Oversight and Anti-Corruption Authority (Nazaha).

Seven other leading Saudi authorities including: Ministry of Investment (MISA), General Authority of Foreign Trade (GAFT), Saudi Standards Saber Platform (SASO), Ministry of Finance Etimad Platform (MoF), General Authority of Zakat and Tax (GAZT), National Competitiveness Center (NCC), and Saudi Customs Authority (SCA), also participated.

Central to Saudi Arabia's reforms process is the Saudi Vision 2030's national development strategy, the far-reaching blueprint for reducing oil dependency, diversifying the local economy, improving public services and encouraging more overseas trade.

Crown Prince Muhammad Bin Salman has pushed through social and economic reforms as part of the plans to modernize the Kingdom and attract foreign investment under a diversification drive.

By gradually redefining the role oil and the state should play in the Saudi economy, today's dialogue reaffirmed US and Saudi mutual dedication to provide enhanced communication from principal Saudi ministries and agencies that are working diligently to implement the reforms that are needed for this grand change.

Assistant to the President of Nazaha for International Cooperation, Dr. Nasser Bin Ahmed Abalkhail, stressed that a fair and transparent playing field must be achieved. Any constraints or concerns that the AmChamKSA member companies have should be presented to relevant government agencies and action will be taken in an effort to improve the business environment in Saudi Arabia.

The Ministry of Finance’s Arwa Al-Faleh emphasized the point that their efforts in the ministry are aligned with the Vision 2030 to prepare and propel Saudi Arabia to be ranked among the top 15 economies worldwide by 2030. All of the reforms presented by the participating agencies at the dialogue support that goal.

AmChamKSA’s Chairman Tarik Solomon reinforced the message that American companies are committed to increasing and diversifying their investments in the Saudi economy and have already identified significant opportunities.

As previously mentioned, these opportunities cover sectors from defense and aerospace, healthcare, education, professional services and food and beverage. In 2019, Saudi Arabia was the US’s 27th-largest goods and service market, with a total value of $39 billion in trade.

AmChamKSA is committed to fostering and supporting increased foreign investment and trade in up-and-coming sectors that include manufacturing, tourism, entertainment, sports and new innovative technologies.

The reforms are just one, but one very important part being implemented as part of the ambitious Vision 2030 plan with an aim of making governance effective and efficient.

AmChamKSA members left the dialogue optimistic that Saudi Arabia’s commitment to change is stronger than ever and the US is keen to offer more of its proven expertise and best-in-class technologies. The government’s ability to implement these reforms is enduring and successful. — SG

 

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