CSC and “Tayseer” Committee Review Reforms in Business Community

The Council of Saudi Chambers (CSC) and Tayseer Committee jointly organized an open discussion at the CSC premises in Riyadh, tackling economic reforms in the Kingdom, with participation of various officials and representatives from the government and private sectors.

Assistant Secretary General for National Committee Affairs at CSC Abdulmalek Al Sulaiman noted that representing CSC at the Tayseer Committee indicates that the Saudi government is keen on involving the private sector in the economic decisions, and consequently, the national economic development process. He said that the private sector has a national duty towards achieving the Saudi Vision 2030 so as to foster economic growth and diversification.

General Supervisor of Tayseer, Iman Al Mutairy, gave a presentation on the committee’s objectives, which include enhancing the efficiency of government services, increasing the ranking of Saudi Arabia in ease of doing business, improving the business environment, and involving the private sector in the decision and policy making. The presentation additionally shed light on the main economic reforms to facilitate trade and investment in the Kingdom.

Topics of the meeting agenda included: enhancing financing opportunities for enterprises by allocating SAR 72 billion as per the royal decree, upgrading imports and exports procedures by reducing required documents from 12 to 2, submitting data online, and clearing goods within 24 hours, increasing labor market efficiency by ensuring integration among related bodies to provide skilled national laborers, with incentives to increase their number in the private sector, improving education quality, particularly in mathematics and sciences, establishing specialized foreign universities and adopting more digital approaches that encourage innovation, research, and development, improving the judiciary through establishing commercial courts, dispute units, and bankruptcy laws, facilitating procedures in commercial disputes, and protecting investors through implementing accountability and follow-up standards on audit offices, and establishing an investors protection department at the Capital Market Authority. In addition to enabling online voting, upgrading governance regulations, transparency, involving the private sector in engineering, maintenance and operation contracts, publishing all agreements and regulations, and listening to the private sector’s views on relevant laws prior to publishing them.

Participants were enthusiastic about the discussion, and submitted their views and suggestions to improve the investment environment in the Kingdom, which will be taken into account by relevant bodies as part of the public-private partnership’s efforts to ensure a Saudi business climate in line with international standards.