The state is moving to establish a specialized bank to support small and medium enterprises, as the Minister of Trade and Investment Dr. Majid Al Qasabi revealed this trend, in addition to other financing solutions that the state seeks to provide to support this vital sector.
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Supporting and incentivizing enterprises Al-Qasabi emphasized that the government and all its sectors are working to develop, support and stimulate the SME sector, as this sector is of great importance in upgrading the local economy and providing job opportunities for young people of both sexes.
Al-Qasabi said during his meeting with entrepreneurs during the Business Youth Forum organized by the Riyadh Chamber of Commerce and Industry, that the state considers empowering, supporting and motivating youth a top priority, calling on youth committees to communicate with the ministry with their proposals and visions and develop an action plan in this regard, noting that all decisions taken by the state are in the interest of the country, the citizen and future generations. All decisions taken by the state, may God support it, are in the interest of the country, the citizen and future generations.
Improving the business environment
Qasabi called on business youth committees
The Minister of Trade and Investment revealed that the state aims to build a strong relationship with the private sector based on cooperation and harmony between the government and private sectors to create an attractive business environment and stimulate the private sector to pump more investments in various vital sectors, stressing that the state does not enter into competition with the private sector but works to empower it, and that the state adopts huge projects such as the Red Sea project and the NEOM project to create comprehensive development in the targeted sectors.
The Minister of Trade and Investment revealed that the state does not enter into a competition with the private sector but works to enable it.
He pointed out that a committee is currently studying the establishment of criteria for government agencies that establish companies, one of the most important conditions of which is not to compete with the private sector, adding: "The state seeks to stimulate and empower the private sector and leads giant projects to open and develop new sectors that create job opportunities."
He stressed that the state does not enter into competition with the private sector but works to empower it.
The Minister of Trade and Investment stated that allowing foreign companies to invest in the Saudi market did not come randomly, but came as a result of in-depth studies that confirmed the feasibility of attracting foreign value-added companies that will give the Saudi market greater vitality and give Saudi youth the opportunity to obtain high-level training and assume leadership and quality jobs.
The Minister of Trade and Investment stated that allowing foreign companies to invest in the Saudi market did not come randomly.
Quality companies
Al-Qasabi emphasized that the market will not open its doors to all foreign companies but will be limited to quality foreign companies that represent added value to the national economy.
At the end of the meeting, the Minister of Trade and Investment answered questions posed by the audience of young businessmen and women, in addition to some questions included in the hashtag 1TP5Ask-Minister-Commerce, which centered on the services provided by the ministry to motivate and support young entrepreneurs.
At the end of the meeting, the Minister of Trade and Investment answered questions from the audience.
