Dr. Majid bin 'Abdullah al-Qasabi, Minister of Commerce, issued a decree to amend the regulations of the foreign Saudi Business Councils, which aim to develop trade relations between the representatives of the private sectors, the foreign Saudi Business Councils, and peer countries under the supervision of the General Authority of Foreign Trade. The regulations enter into force as of the date of publication in the Official Gazette, which will be announced soon.
The mechanism for the (updated) regulations of the foreign Saudi Business Councils was developed in such a way as to promote the efficiency of Business Councils, address the challenges they are facing, and enable them to conclude successful trade partnerships to increase the private sector's contribution to foreign trade and achieve the goals of Vision 2030.
The Business Councils' regulations aim to develop and strengthen relations between the business community in the Kingdom and peer countries within a systematic framework that achieves the objective goals identified with such countries, such as introducing the representatives and actors of both countries to the environment and opportunities of direct and indirect investment; promoting the role of Kingdom and highlighting the latter as a global trade hub and attractive environment for investment; communicating with responsible entities to improve the cooperation environment, and addressing obstacles that hinder any.
Moreover, the updated regulations aim to encourage the exchange of visits by businessmen of both countries; disseminating and publishing information on economic opportunities; holding conferences and exhibitions aiming to strengthen economic relations between both countries, in accordance with conditions and controls in each country; establishing economic projects in both countries; providing information and services to business owners interested in establishing such projects, while providing needed goods and services; and identifying the best funding channels available.
The regulations detailed the procedures to be followed to establish a new business council, the conditions to be fulfilled by applicants for membership in business councils, and the financial benefits and compensation for membership in business councils. Moreover, the regulations clarified the cases in which a member loses membership; the establishment of regional business councils; the promotion of the private sector's engagement in decision-making and the reflection of opinions in investment and trade agreements and policies; the promotion of the engagement and integration of business councils in governmental events; and support for strategic business councils through specialized staff inside the Kingdom and abroad.