A strategic decision to support the private sector
In a significant regulatory step aimed at enhancing the business environment in the Kingdom of Saudi Arabia, His Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, issued a ministerial decree amending Article 9 of the regulations governing national and sectoral committees in chambers of commerce. The amendment extends the term of these committees to three years, reflecting the Ministry's commitment to modernizing regulatory frameworks, supporting the stability of the commercial sector, and enabling it to achieve its long-term strategic objectives.
General context and the role of chambers of commerce
The chambers of commerce in the Kingdom are a cornerstone in supporting and developing the private sector, serving as a vital link between the business community and government entities. Through their specialized national and sectoral committees, the chambers study the challenges facing various economic sectors and propose solutions and policies that contribute to their growth and prosperity. These committees play a pivotal role in representing the interests of their respective sectors and participating in the drafting of relevant regulations and legislation, making their stability and efficiency crucial to the national economy.
The importance of the decision and its expected impact
The decision to extend the committees' terms to three years will give their members sufficient time to develop and implement ambitious and sustainable work plans. Short terms can limit the committees' ability to address complex issues that require ongoing monitoring and a long-term vision. The extended three-year term will allow for the accumulation of experience, the strengthening of relationships with partners, and the achievement of tangible and impactful results. This decision is expected to contribute to:
- Enhancing administrative stability: Extensions reduce the pace of administrative changes, ensuring continuity of work on existing initiatives and projects.
- Improving strategic planning: It enables committees to develop strategic visions and plans that go beyond short-term solutions and are consistent with national economic goals.
- Improving performance efficiency: It gives members sufficient time to understand the dynamics of the sector more deeply, which is reflected positively in the quality of the recommendations and decisions issued by them.
Alignment with the Kingdom's Vision 2030
This amendment aligns directly with the objectives of the Kingdom's Vision 2030, which prioritizes empowering the private sector and increasing its contribution to the GDP. By providing a stable and supportive regulatory environment, the Ministry encourages chambers of commerce to become more effective partners in the economic transformation process. Strong and stable sectoral committees enhance the Kingdom's ability to attract foreign investment, develop local industries, and boost the competitiveness of Saudi products in regional and international markets. The decision stipulates that the amendment will come into effect upon its publication in the Official Gazette and will be applied to all committees in a manner that serves the national economy.
