Saudi Chambers Of Commerce Celebrate 78 Years Of Achievements And Contributions To Economic Development

The Saudi Chambers of Commerce and the Federation of Saudi Chambers have been instrumental in enhancing the private sector's role in Saudi Arabia's economic and social development for over 78 years. In the past year, they have reached significant milestones, solidifying their status as crucial contributors to the nation's progress.

In a report celebrating Saudi Arabia's 94th National Day, the Federation of Saudi Chambers highlighted the achievements since the first chamber was established in Jeddah in 1946. The Chambers of Commerce Law, enacted in 1949, laid a strong foundation for decades of contributions to national economic goals.

The chambers have actively supported regional development by collaborating with local government agencies. As part of an economic forum initiative, they presented more than 270 investment opportunities valued at SAR61 billion. This effort underscores their commitment to fostering economic growth across various regions.

Efforts to improve the business environment have been notable, with over 1,200 challenges identified and submitted to the Tayseer Committee. Approximately 63% of these issues have been resolved, while others remain under review. This proactive approach aims to create a more conducive environment for businesses.

On an international level, the federation has strengthened trade and investment ties with global partners. Over the past year, Saudi private sector entities signed 105 investment and trade agreements with foreign counterparts. Additionally, 96 joint Saudi-foreign economic forums were organized to enhance collaboration.

The federation also facilitated 20 agreements to establish new business councils. These efforts aim to foster partnerships and attract foreign investments into the Kingdom, further expanding its international business reach.

Workshops and Studies for Business Growth

To support businesses further, around 580 workshops were conducted to raise awareness about government incentives and initiatives. These workshops benefited over 9,300 participants from the private sector. Such initiatives are crucial in equipping businesses with knowledge about available opportunities.

The Federation of Saudi Chambers also conducted approximately 300 studies on regulations, agreements, and contracts. These studies ensure smooth operations for businesses by providing insights into legal frameworks that affect their activities.

Vision 2030: A Turning Point

The Saudi Vision 2030 has marked a pivotal moment for the Kingdom's economy by unlocking private sector potential. Successful diversification policies have doubled its contribution to the economy, with non-oil activities now accounting for half of Saudi Arabia's GDP.

The Chambers of Commerce have been at the forefront of these efforts, ensuring that the private sector plays a central role in achieving ambitious economic goals set by Vision 2030.

The invaluable support provided by these chambers is particularly significant during this era of prosperity led by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH Crown Prince Mohammed bin Salman.

As the private sector continues its growth trajectory, both chambers remain committed to supporting businesses and fostering a thriving economic environment within Saudi Arabia.

With inputs from SPA