Saudi Arabia Opens Most Business Sectors to 100% Foreign Ownership

KSA, 30 July, 2024 : Saudi Vice Minister of Commerce Dr. Eman Al-Mutairi announced that the Kingdom now permits 100% foreign ownership in most business sectors, a key move to attract international investment. This was highlighted at the Saudi-Korean Business Forum on Tuesday.

Commerce Minister Dr. Majid Al-Qasabi emphasized that Saudi Arabia's Vision 2030 has driven significant economic diversification, fostering sustainable growth and innovation. The forum, attended by Saudi Ambassador to Korea Sami Al-Sadhan and around 400 representatives, showcased the robust trade relations between Saudi Arabia and Korea, with trade reaching $35 billion from 2019 to 2023. Additionally, 174 commercial records were issued to Korean companies by April.

Korean Minister of Trade Dr. Inkyo Cheong highlighted the expanding economic and trade partnership, particularly in automotive, shipbuilding, AI, data centers, and smart cities. He also mentioned the Korea-GCC Free Trade Agreement as a boost to economic cooperation.

Dr. Al-Mutairi detailed reforms enhancing Saudi competitiveness, including 820 economic reforms and 1,200 updated laws since 2016. She also noted that 97% of government services are digitized and virtual commercial court sessions are at 99% efficiency. The establishment of the Saudi Business Center has streamlined business licensing by 55%.

The forum, organized by the NCC, the Federation of Saudi Chambers of Commerce, and the Korean Chamber of Commerce and Industry, featured two dialogue sessions on "Innovation and Technology" and "Advanced Manufacturing and Infrastructure." It concluded with nine agreements signed by companies from both nations.

The event, part of the Saudi delegation's visit to Korea from July 29 to 31, followed meetings between Dr. Al-Qasabi and Korean trade ministers, focusing on strengthening trade relations and addressing global trade issues.

Source : www.zawya.com