Saudi Arabia to establish new e-commerce council

Minister of Commerce and Investment Majed Al-Qasabi during Saudi Media Forum’s panel discussion on “Saudi Arabia: Important presence in the international investment map.” — Courtesy photo

Saudi Gazette report

To cope with the great momentum of online trading, Saudi Arabia is currently working to establish a new e-commerce council, announced Minister of Commerce and Investment Minister of Commerce and Dr. Majed Al-Qasabi.

Claiming that the Kingdom has become an attractive platform for investment, Qasabi explained that 85 percent of the services of the ministry are being offered electronically. He noted that since 2016 until the end of the third quarter of 2019, 2,437 investment licenses have been granted to foreign investors.

The minister said the Kingdom has become one of the top 10 countries in online shopping and electronic purchases, noting that the new market shifts and different trade patterns come within the context of the ministry's interest.

He said the Kingdom has opened a lot of new areas in investment, including vital sectors in entertainment, tourism, logistics, and minerals. Investments are also open in mega projects such as NEOM, Al-Qiddiya, Red Sea, and Amaala.

During a panel discussion on the Saudi presence on the international investment map at the Saudi Media Forum, Al-Qasabi highlighted the Kingdom’s significant role in this regard.

The Kingdom has made several achievements according to the World Bank report, he said.

He reiterated the importance of e-commerce and its role in boosting national economy in light of the great growth witnessed in Saudi Arabia.

Al-Qasabi pointed out that there is an economic Vision 2030 and the media needs a similar vision under the leadership of the minister of media.

Furthermore, the panel discussed the strength of the Saudi economy as an important player in the G20 countries and how the G20 summit became a welcoming space to further consolidate the Saudi presence on the international map.