Commerce and Health Ministers Shed light at Competitiveness Forum on Growth, Innovation Sectors 3 Riyadh

For his part, the Minister of Commerce and Industry Dr. Tawfiq Al-Rabiah said “The challenges faced by the Kingdom of Saudi Arabia relating to the price decline of oil, which accounts for about 80% of its revenues will push the Kingdom to meet the challenge to get out of it, drawing attention that the Kingdom has the ability to overcome that with what it has of good education and many talented young men”.
Dr. Al-Rabiah confirmed that the Ministry of Commerce is working to streamline and facilitate the private sector’s services and the use of technology and electronic transactions alike, and it also encourages corporate mergers and acquisitions as well as it seeks to encourage the financing of company acquisitions and mergers to make the Kingdom more competitive.
The Minister warned that some companies that have not worked in the Kingdom have misconceptions about investing and the Ministry of Commerce and Industry is seeking to correct these concepts and promote investment in the Kingdom and be more globally openness at the time that Saudi Arabian General Investment Authority is making significant efforts to do so.
Dr. Tawfiq Al-Rabiah pointed out that there are many of the most promising sectors in the Kingdom, including the telecommunications and information technology sector as well as the financial services and financing, which will see significant developments over the coming years, adding that there is a major development in the industry in the Kingdom and the Ministry of Commerce is optimistically planning for that.

–SPA
16:53 LOCAL TIME 13:53 GMT