The Kingdom to “International Trade”: We are committed to the enforcement of commodities and the transparency of commercial dealings

The Governor of the General Authority for Foreign Trade, Abdul Rahman bin Ahmed Al-Harbi, affirmed the Kingdom’s keenness and interest in enabling the entry of goods and services to the markets and on applying the principle of transparency in its commercial dealings. He indicated that the Kingdom made a very high level of commitments and adopted a wide range of reforms during its accession to the World Trade Organization, and that the development axis is one of the main pillars of its economy. He touched on the Kingdom’s strategy to diversify its economy in accordance with the Kingdom’s 2030 vision, noting that the steps it has taken in this regard have led to an improvement in the business environment, which encouraged an increase in its investments, attracted foreign investments, and launched mega projects aimed at achieving economic diversification. This came on the sidelines of his participation in the third trade policy review meetings of the Kingdom at the World Trade Organization, which were organized by the organization from its headquarters in Geneva for a period of three days and in which the Kingdom’s delegation consisting of 44 governmental bodies and delegations of the member states of the organization participated, where the procedures and activities of the third review began in a month. March 2020, and procedures take a year. It is known that the Kingdom calls for liberalizing trade on fair grounds and for developing countries not to turn into mere markets for multinational companies. It also called for reducing protectionist policies that impede the access of goods to markets, and more than once stressed the need to stop trade wars and move towards deliberate cooperation that achieves the interests of the people. .

Despite the repercussions of Corona, the Saudi economy attracted direct investments last year, which amounted to 4 billion dollars, and a series of legislative and regulatory improvements were launched in order to encourage foreign companies to establish their headquarters in the Kingdom, starting from 2024. The total foreign investments in Saudi Arabia amount to 700 billion riyals for 8000 thousand projects.

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