The move will help and support Saudis to own and run business in various commercial and investment sectors, according to officials.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…1979 Views | the publication reaches you by | Saudi Arabia Today
They said the move would contribute to eliminate commercial concealment and boost the growth of the private sector.
The program is one of the initiatives of the Trade and Investment system within the National Transformation Program 2020, which aims to eliminate commercial concealment by developing new regulations, intensifying supervision, promoting awareness and integrating the efforts of government agencies.
The government agencies participating in this program are the Ministry of Commerce and Investment, Ministry of Interior, Ministry of Labor and Social Development, Ministry of Municipal and Rural Affairs, the General Authority for Small and Medium Enterprises, the General Authority for Zakat and Income Tax, the Saudi Arabian Monetary Authority and the General Authority for Investment.
It obliges all enterprises to adopt and apply technology in all their transactions. This will help organize and regulate financial transactions and limit the transfer of funds abroad, harming the national economy.
The national program cooperates with all concerned government parties to support the Saudi youth to work in the private sector and to create suitable conditions for them to engage in trade activities by supporting and aiding them through the Social Development Bank and various financing programs. The program also addresses commercial concealment in various sectors, including the retail sector.
Food producer penalized
The Ministry of Commerce and Investment meanwhile defamed a foodstuffs producer in Riyadh after he was found guilty of violating the Anti-Commercial Fraud Law.
The food manufacturer deceived consumers by claiming Seder Al-Shifa (dense sucrose) to be natural honey.
The Criminal Court in Riyadh imposed a fine on the owner of the establishment and ordered publishing the verdict in two local newspapers at the expense of the defendant.
While carrying out routine inspection tours in Riyadh, MCI teams monitored a plant producing corn and sucrose syrup, claiming it to be natural honey.
This is considered a clear violation of the Saudi Standard Specifications and a kind of counterfeiting, aimed at deceiving and misleading consumers.
Accordingly, all the quantities of the product were seized, and the case was referred to the judicial authorities for taking the necessary legal measures.
150 take part through Watani Al Emarat via the ‘Your City Needs You’ initiative Over 150 volunteers –…1717 Views | the publication reaches you by | Saudi Arabia Today
Do you have information you want to reach our readers?