Saudi- Commerce Ministry adopts plan to cope with global trade standards 

(MENAFN - Arab News) Saudi Ministry of Commence and Industry is set to announce measures against business coverage in the country, which will constitute momentum to promote Saudization in small and medium enterprises (SMEs).

Minister of Commerce and Industry Tawfiq Al-Rabiah, addressing more than 100 young businessmen, said his ministry has undertaken the implementation of a comprehensive plan aimed at updating and modifying the ministry's systems to cope with international trade standards so as to ensure smoothness and innovation.

He said the ministry will carry out many workshops to tackle so many topics including simplification of commerce registration procedures, protection of consumers and fighting the phenomenon of business coverage, which refers to business undertaken by foreigners under the names of Saudis.

The minister okayed a proposal presented by young businessmen, which is concerned about the creation of a venture capital company meant to support their projects.

The meeting, which was mainly organized by Riyadh Chamber of Commerce and Industry's young businessmen committee, touched on the importance of giving chance to small enterprises in implementing governmental projects or partnership with other companies.

The minister explained to young businessmen some definitions on the SMEs saying: "The definitions are not necessarily related to the financial position of the companies."

The ministry is working to build an ambitious plan on a database covering all business sectors Kingdomwide, he added.

The ministry also has begun application of a follow-up system on factories and industries.

There is a drive, in conjunction with other government departments, for implementation of a system for unified code for firms, whereby every firm will have its national code through which all transactions will run, the minister pointed out.