Saudi Arabia Reviews Economic Reforms at United Nations

Riyadh, Saudi Arabia, July 23, 2019 –(PR.com)– The MCI Plus, Saudi Commerce and Investment Ecosystem, held, in cooperation with the Permanent Mission of the Kingdom to the United Nations, a panel discussion at the UN headquarters in New York under the title “Reforms of the Saudi trade law, sustainable development goals and empowering small and SMEs and New Ventures.” The panel was held on the side-event on the margins of the UN High-Level Political Forum on Sustainable Development (HLPF 2019) organized by the United Nations Commission on International Trade Law (UNCITRAL).

Chaired by Assistant Minister of Commerce and Investment of the Kingdom of Saudi Arabia and Acting Chief Executive Director of the National Competitiveness Center (NCC) H.E. Dr. Eiman Al-Mutairi, the panel highlighted the Kingdom’s efforts in achieving the sustainable development goals (SDGs), in addition to reforms instituted to improve the business environment in Saudi Arabia. The panel also reviewed the growth achieved in the sector of small and medium enterprises (SMEs) and the role assigned to SMEs throughout Saudi Vision 2030.

Among other topics addressed by the panel were the role of Saudi Vision 2030 in promoting trade and investment, strengthening the Kingdom’s competitiveness, commercial arbitration, the new bankruptcy law, role of SMEs in economic growth and job creation, and the importance of the economic empowerment of women in enhancing competitiveness.

Saudi Arabia’s Permanent Representative to United Nations Ambassador H.E. Abdullah Al-Maalami stressed that (HLPF 2019) is, “an important opportunity to exchange experiences and good practices among states to achieve sustainable development in its economic, social and environmental dimensions.” He added, “The Kingdom of Saudi Arabia has made great strides towards achieving these goals through its ambitious Saudi Vision 2030, which reflects its firm determination to move forward with the implementation of reforms across all levels, especially the social and economic pillars.”

Meanwhile, Dr. Al-Mutairi pointed, “The panel discussion is an opportunity to review the procedural and legislative reforms implemented for the Saudi Arabia’s competitive environment and highlight initiatives that have been undertaken to empower women to participate in the development journey”. She added, “Saudi Arabia is keenly working to improve its trade regulations which should reflect on achieving the sustainable development goals (SDGs) with all that goes with it from job creation to the effective participation of SMEs in economic growth.”

The HLPF aims to discuss the efforts of countries in achieving the SDGs for 2030 and presents an opportunity for the countries to evaluate the progress achieved in terms of achieving SDGs on a national scale. The Kingdom’s participation supports its candidature to the United Nations Commission on International Trade (UNCITRAL) for the term 2022-2028.

UNCITRAL is a legal body with universal membership specializing in commercial law; its mission is the modernization and harmonization of rules on international business.