Dr. Majid Al-Qasabi, Minister of Commerce and Investment, revealed that a committee is currently studying the establishment of criteria for government agencies that set up companies, one of the most important conditions being that they must not compete with the private sector. During his meeting with entrepreneurs at the Youth Business Forum organized by the Chamber of Commerce and Industry, youth committees to communicate their proposals and insights to the ministry and develop an action plan in this regard, noting that all decisions made by the state, with God’s support, serve the interests of the nation, its citizens, and future generations.
Building a Strong Relationship with the Private Sector
Al-Qasabi explained that the state considers empowering, supporting, and motivating youth a top priority, noting that there is rapid momentum across all sectors of the state aimed at improving the business environment and reengineering procedures to facilitate commercial activity and eliminate the bureaucratic red tape that slows down work in government sectors, He urged entrepreneurs and their representatives on the committees to communicate with the Ministry and exchange views in order to contribute to the development of the business and investment environment and overcome all obstacles facing youth projects.
The Minister of Commerce and Investment revealed the state’s approach to building a strong relationship with the private sector, based on cooperation and harmony between the public and private sectors to create an attractive business environment and incentivize the private sector to inject more investments into various vital sectors, emphasizing that the state does not compete with the private sector but rather works to empower it.
Committee to Ensure Non-Competition with the Private Sector
The Minister of Commerce stated that the state is undertaking massive projects such as the Red Sea Project and the NEOM Project, which are vital initiatives aimed at fostering comprehensive development in the targeted sectors, noting that a committee is currently studying criteria for government agencies establishing companies, with one of the most important conditions being that they do not compete with the private sector. He added: “The state seeks to stimulate and empower the private sector, and is leading mega-projects to open and develop new sectors that create job opportunities.”
Al-Qasabi emphasized that the government, across all its sectors, is working to develop, support, and stimulate the small and medium-sized enterprise (SME) sector, given the sector’s critical importance in boosting the local economy and providing job opportunities for young people of both genders, noting that there is a plan to establish a specialized bank to support small and medium-sized enterprises, in addition to other financing solutions the state is seeking to provide to support this vital sector.
An in-depth study on the presence of foreign companies
His Excellency the Minister of Commerce and Investment stated that allowing foreign companies to invest in the Saudi market was not a random decision but rather the result of in-depth studies that confirmed the significant benefits of attracting value-added foreign companies, which will inject greater vitality into the Saudi market and provide Saudi youth with the opportunity to receive high-level training and assume leadership and specialized roles, emphasizing that the market will not open its doors to all foreign companies but will be limited to high-quality foreign companies that represent added value to the national economy.
At the conclusion of the meeting, the Minister of Commerce and Investment answered questions posed by the audience of young business professionals, as well as some questions included in the hashtag ##AskTheMinister-Trade, which focused on the services provided by the Ministry to motivate and support young people and entrepreneurs.
