In line with the changes that occurred in the national economy map, the Ministry of Commerce and Investment announced that it is conducting a comprehensive review of the laws and regulations governing trade, investment, consumer protection, free professions and consulting.
Providing flexibility and stability for commercial establishments
In this regard, the General Supervisor of the Vice-Ministry for Technical Affairs at the Ministry of Commerce and Investment, Counselor Badr Al-Haddab, explained that the preparation of laws and regulations goes through several stages before they are applied on the ground, stressing that the Ministry conducts diagnostic studies to investigate the challenges facing traders, investors and consumers and identify opportunities and growth areas that can be developed, and we study best comparative practices in developed countries to design appropriate public policies for the Kingdom and prepare advanced draft regulations to serve the national economy.The new laws and regulations generally aim to facilitate doing business, reduce the cost of procedures, provide flexibility, transparency and stability for commercial establishments in general to provide a stimulating environment for expanding investments and pumping more commercial projects that contribute to strengthening the national economy, in addition to taking care of the conditions of small and medium enterprises to develop their business and enhance their sustainable growth opportunities.
New laws and regulations are generally aimed at facilitating doing business and reducing the cost of procedures.
Permanent communication channels between the public and private sectors
<Al-Haddab added that the Ministry works on the principle of transparency in preparing laws and regulations governing trade, and from this point of view, the Ministry maintains permanent communication channels with government and private entities, specialized institutions and the general public by holding workshops, distributing questionnaires and presenting draft regulations to solicit the opinions of the public. He pointed out that the Ministry received the e-Government Achievement Award in its fourth session, organized by the Ministry of Communications and Information Technology for the e-Community Participation Program, for involving the public in expressing their opinions on draft laws and regulations.In the legislative field, the Ministry seeks to establish partnerships with specialized institutions and experts, including universities inside and outside the Kingdom, to improve the quality of laws and regulations.
Chancellor Al-Haddab stressed the Ministry's endeavor to establish partnerships with specialized institutions and experts, including universities inside and outside the Kingdom.
Thirty projects related to laws and regulations
In the same direction, the ministry intends to build an interactive platform with private sector organizations to evaluate regulations, develop the commercial and investment environment in the Kingdom, and hold periodic forums to discuss draft regulations and visions for their development.The ministry is also developing new legislative systems in the fields it specializes in, and there is a new system for companies that includes (the executive regulations of the Companies Law, the Corporate Governance Regulation, the Non-Profit Companies Regulation, the Family Business Governance Guide and its guiding charter).
Al Haddab explained that the ministry is working on preparing more than thirty projects related to laws and regulations, as well as developing new legislative systems in the fields it specializes in. <Al-Haddab explained that the ministry is also working on developing the trade and investment system, including: (Commercial System, Bankruptcy System, Commercial Agencies System, Commercial Franchise System, Commercial Mortgage System, E-Commerce System, Chambers of Commerce and Industry System, and Geographical Indicators System).
Haddab explained that the ministry is also working on developing the trade and investment system. <The Ministry is also working on developing the consumer protection system, which includes: (Consumer Protection Law, Anti-Commercial Fraud Law, and Commercial Advertising Regulation.)
The Ministry is also working on developing the consumer protection system. <The Ministry is paying attention to the development of the free and consulting professions system, which includes: (the Professional Companies Law, the Free Professions Law, the Chartered Accountants Law, and the Organization of Administrative, Economic and Financial Advisors). Al-Haddab explained that the ministry measures and evaluates the effectiveness and impact of existing systems, anticipates legislative needs, and identifies opportunities and areas for growth and reform.
