New foreign trade authority to boost investments in Saudi Arabia: minister

Saudi Arabia’s Cabinet decision to set up a new general authority for foreign trade and regulate the National Competitiveness Center (NCC) will increase the Kingdom’s investment gains and competitiveness in line with Vision 2030, Saudi Press Agency reported, citing Majid Al-Qasabi, Minister of Commerce and Investment.

The two entities will play an integral role with other authorities that aim to improve the business environment and attract more investments, Al-Qasabi said.

“The new foreign trade authority will strengthen the Kingdom’s regional and international presence through various trade agreements to help it penetrate into new target markets for non-oil exports,” he added.

The private sector will also be allowed to participate in boosting foreign trade. Meanwhile, the NCC aims to enhance competitive environment and help the Kingdom move up in international indices.

“It will also launch initiatives to address potential obstacles in the private sector and improve its performance (Tayseer),” Al-Qasabi concluded.