Kingdom

Recent economic reforms instrumental to Saudi Arabia’s new World Bank ranking

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RIYADH: The Ministry of Commerce and Investment has claimed that the Kingdom’s recent economic reforms have facilitated the country to be ranked as 10th in a report on the World Bank’s Minority Protection Index during the current month of November.

The World Bank Group report said the Kingdom is among the top 20 reformist countries in the world, and the second among the top high-income countries in the G-20 countries in terms of implementing reforms to improve the business climate.

Saudi Arabia’s progress in ease of doing business for 2018 excelled in six of 10 axes: Protecting minority investors; enforcing contracts; starting a business; cross-border trade; registering property; and settling bankruptcy, the report added

In a statement issued by the ministry on Monday, it was pointed out that the Kingdom’s economic reforms during recent months have contributed a great deal to the remarkable improvement in the ranking.

The ministry statement indicated that the economic progress grants more rights and protection to investors, notably their participation in taking important decisions in trade activities.

During the period, the ministry also organized transactions among relevant parties with the introduction of a number of important reforms that led to the Kingdom’s progress in the index of protecting minority investors.

The Kingdom, it said, has enacted more transparent mechanisms and disclosure practices in a manner that ensures the protection of investors’ rights.

The reforms implemented by the Ministry of Commerce and Investment enabled shareholders, whose ownership amounts to 5 percent, to propose terms to the agenda of the General Assembly of Investors.

The Executive Committee for Improving Business Performance in the Private Sector (Tayseer), consists of the Economic Affairs and Development Council under the chairmanship of Minister of Commerce and Investment Dr. Majid Al-Qassabi, who has been endeavoring to raise the Kingdom’s rank in the world’s business indicators.

The committee has been able to successfully address the challenges facing the private sector by stimulating and enabling this vital sector to participate in economic development.

The Commerce and Investment Law is actively seeking to strengthen trade capabilities to empower and support the private sector, as well as facilitate and ease the procedures for practicing businesses.

The law also protects the rights and interests of consumers to create a leading commercial and investment position based on a fair and stimulating environment.

Posted by: TimesofSaudia.com

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