ablcc_newsletter-4th-edition-2021_A5_04

STRENGTHENING NATIONAL COMPETITIVENESS, A KEY POLICY GOAL OF THE KINGDOM OF SAUDI ARABIA Vision 2030 is designed around bold but tangible goals, including, weaning the economy off its dependence on oil through diversification into value-add sectors, such as technology, trade, tourism, manufacturing, mining, clean energy, health, and education; expanding the share of the private sector in the economy; expanding the capital market; strengthening hard and IT infrastructure, promoting small and medium enterprises; improving the quality of life in the Kingdom; empowering women and youth to participate in national development; and incentivizing the transition to a sustainable mode of growth. These goals were translated into major policy reforms and implemented through flagship programs that are transforming the structure and nature of the Saudi economy. This dual-track reform agenda has significantly strengthened national competitiveness. The Saudi economy has never been as competitive, open, investor-friendly, and rule-based as it is today. The regulatory burdens on private enterprise have been significantly alleviated; procedures for creating, opening, managing, hiring, and importing into, and exporting from, the Kingdom have been cut in fundamental ways; friction in business-government interaction around some fundamental activities, such as registering a company, paying taxes, or updating business records has been eliminated. The Saudi economy has undergone deep structural transformations since the launch in 2016 of Vision 2030, the Kingdom’s national development blueprint. By Eiman Al-Mutairi Vice Minister of Commerce CEO - National Competitiveness Center CEO - Saudi Business Center Kingdom of Saudi Arabia THESE GOALS WERE TRANSLATED INTO MAJOR POLICY REFORMS AND IMPLEMENTED THROUGH FLAGSHIP PROGRAMS