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Ministry Of Commerce And Investment - Jeddah Jeddah

Ministry Of Commerce And Investment - Jeddah
Ministry of commerce and Investment located in Jeddah City in Saudi Arabia Kingdom. The name of this ministry was changed from the Ministry of Commerce and Industry to became the Ministry of Commerce and Investment. It is responsible for all aspects of commercial and investment activity in the Kingdom. The ministry working on achieve a pioneering position for both Commerce and Investment sectors in Saudi Arabia within a fair and stimulating environment, and 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 and responsibilities of the ministry: - participate in setting and carrying out commercial policies  - suggest issuing commercial systems and regulations, review the systems and regulations applied  - supervise applying all the commercial systems,  - 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 - 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,  - supervise the Kingdom's admission to the World Trade Organization, - boost up procedures which help develop the non-oil exports,  - participate in the work and meetings of the international and regional institutions and organizations,  - study the requests presented by the government bodies, national and foreign organizations to organize temporary exhibitions in the Kingdom and abroad,  - appoint Commercial Attachés at the Saudi embassies abroad. In 1347 H, company registration system appeared, by the virtue of which a position was initiated associated with the prosecutor-general; its title was Company Registrar. Thus, the system obliged the registration of all the commercial companies and associations at the company registrar. As such, the company registration system was first stepping stone in terms of regulating the commercial issues in the country. In 1349 H, the customs system was issued, then in 1350 H the Royal Decree was issued approving the commercial system in the Kingdom, called the Commercial Court System. In 1358 H, the Royal Decree was issued approving the Benchmark Registration System, then the Royal Decree was issued approving Goldsmith's system. In 1365 H the Royal Decree was issued approving the establishment of the Commercial, Industrial Chamber in Jeddah, as an institution working on improving commerce and industry in the country and protecting them against foreign competition. And by virtue of the commercial, industrial chamber system, the Government had the right to monitor and supervise over all commercial chambers and their accounts. The decision of the Shura Council in 1367 was then issued to establish the Commercial, Industrial Chamber in Makkah. This was followed, in 1368 H, by issuing the first commercial, industrial chamber system; by the virtue of which, the Eastern Region prince issued letter in 1372, establishing the Commercial, Industrial Chamber in the Eastern Region. as a result of the expansion of the commercial works and activities and their growth, Royal Decree on 1372, was issued 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.

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