Ministry Of Commerce And Investment - Medina Madina
Ministry of Commerce and Investment located in Madina in Saudi Arabia. This ministry is responsible for regulating commerce and investment in Saudi Arabia, it was established in 1373 H. The name of this ministry was changed from the Ministry of Commerce and Industry to became the Ministry of Commerce and Investment. As a result of the expansion of the commercial works and activities and their growth, on 17/3/1954 was issued royal decree to establish the Ministry of Commerce. It was tasked with regulating domestic and foreign trade and its development. Also, having been established, a number of bodies interested in commercial issues joined it. And the Benchmark Registration section was moved to it from the Ministry of Finance; in addition to supervising over the commercial, industrial chambers in the Kingdom.
Ministry of Commerce and Investment aims to achieve a pioneering position for both Commerce and Investment sectors in Saudi Arabia within a fair and stimulating environment. and it working on enhance the potentials of both Commerce and Investment sectors and protect the beneficiaries' interests, by developing and implementing effective and efficient policies and mechanisms, which will contribute to achieving sustainable economic development.
The main tasks of Ministry of Commerce and Investment are:
- participate in setting and carrying out commercial policies,
- suggest issuing commercial systems and regulations, review the systems and regulations applied,
- regulate means of supervising the development of domestic trade markets and protecting them against exploitation and monopoly and to control prices,
- issue licenses necessary for setting up the commercial chambers and their branches; and to follow up the activities of all the chambers and their budget and supervise the elections of their boards,
- develop the foreign trade relations with all the sisterly and friendly countries and advance them in a way that copes with the fast-moving changes and developments on the international economic arena and protects the Kingdom's interests in all regional and international forums,
- study the requests presented by the government bodies, national and foreign organizations to organize temporary exhibitions in the Kingdom and abroad,
- appoint Commercial Attaches at the Saudi embassies abroad in coordination with the Ministry of Foreign Affairs. The current minister of Ministry of Commerce and Investment is Dr. Majid Ibn Abdullah Al Qasabi.