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JLCC
- November 21, 2023
The Kingdom of Saudi Arabia enjoys an important position on the global stage as one of the largest economies in the world, and as a leading investment destination, as it is currently witnessing a major transformation in the business and trade sector, and is making intense efforts to enhance the investment climate and provide new opportunities for investors from all over the world.
In this context, the Ministry of Investment launched the “Visitor Investor” business visa service in Saudi Arabia, which is an important step aimed at promoting investment and facilitating the entry of foreign investors into the Kingdom.
Tourism and media guidance advisor Sulaiman Al-Salem said in his interview with “Sabq”: “When we talk about the efforts of the Saudi Ministry of Investment, represented by its active minister with great experience, Engineer Khalid Al-Falih, who works with all confidence, effort, and ability to implement the directives of the wise leadership and achieve the goals of the ambitious national vision, no It is necessary to address the issuance of a business visit visa (visitor investor).
He added: “But before this, we must take into account the ambitious vision of the Kingdom 2030, from which the National Investment Strategy emerges, which includes about 40 initiatives through which a package of integrated qualitative services is provided to investors throughout their investment journey, starting from the consultation and information stage, through the business establishment stage, and continuing to provide Subsequent value-added services at the stage of doing business.”
He pointed out that in this context, the “Visitor Investor” business visa comes as an important part of these efforts. The Ministry seeks to attract foreign investors and facilitate investment in the Kingdom, by supporting the investment system and stimulating the economic growth witnessed by the Kingdom, as a result of the qualitative leaps brought about by the Kingdom’s inspiring Vision 2030, as it recorded the fastest growth in the year 2022 AD among the G20 countries, with a growth rate of 8.7. %.
Facilities and incentives
Al-Salem added: “The Ministry of Investment is considered a major driver for achieving the vision, by working to develop the national economy and enhance the investment climate by establishing policies and procedures aimed at attracting capital, technology, and skilled human resources. As part of its efforts to issue a business visit visa (visiting investor), the Ministry offers Multiple facilities and benefits for foreign investors, such as facilitating visa procedures, providing specialized services, and an investment environment conducive to innovation and development.”
He explained that in this context, the system is characterized by ease of doing business by providing foreign investors with the opportunity to register their companies and conduct their business quickly and easily.
Al-Salem stressed that the Kingdom has established investment principles and policies to guarantee the investor, as the principles represent ensuring equality among all investors, ensuring protection for the property of all investments in accordance with what the regulations in the Kingdom require, enhancing their sustainability, taking clear and transparent measures to deal with investor complaints, providing investment incentives when needed, and enhancing transparency. Full granting and facilitating procedures related to the entry of non-Saudi employees for the purpose of participating in activities related to foreign investment.
He added that the Ministry is working to improve the business environment by developing infrastructure and promoting investment in sectors with high added value such as health, education, tourism, entertainment, renewable energy, manufacturing industries, mining and petrochemicals, communications and information technology, and other sectors, as well as developing laws. And legislation related to investment and enhancing the protection of investors’ rights. In this regard, many laws and regulations have been issued that protect investors and provide them with a sustainable and reliable legal environment.
Promising investment opportunities
He pointed out that the Ministry provides specialized services to investors. In order to help them achieve their investment goals; The business visit visa service (visitor investor) gives them an opportunity to learn about the Saudi economy, the promising sectors and available investment projects, such as innovation and development in many fields, including: industry, renewable energy, transportation, health, education, tourism, entertainment, mining and petrochemicals, Communications and information technology, construction, cultural industries and other sectors. Thanks to the structural reforms it has brought about, the Kingdom offers promising investment opportunities in these sectors, with the aim of transforming the Saudi economy and diversifying its sources, instead of relying on oil as a single resource, which makes it an exciting investment destination. Interesting. In this regard, the Kingdom has achieved remarkable leaps over the past few years in international competitive indicators, as total investment represented 25% of the Kingdom’s domestic product in 2022 and is expected to rise to 30% in 2030 as one of the Ministry’s strategic goals.
He stated that by providing the “Visitor Investor” business visa service, Saudi Arabia enhances its ability to attract foreign investments and enhance international cooperation, and this service reflects the Kingdom’s commitment to developing a suitable and stimulating investment environment, where investors can explore business opportunities and establish strategic partnerships with their counterparts in the Kingdom, as Saudi Arabia seeks to attract capital and stimulate innovation and technology transfer by increasing investment opportunities in the Kingdom, which today amount to 1,528 opportunities. With the aim of achieving a leap in the Saudi investment scene, in addition to working to develop competitiveness and raise the index of ease of starting and doing business, in addition to opening broad economic horizons and continuing to attract foreign investments, in order to enhance its role in supporting economic mobility.
Al-Salem added that the launch of the “Visitor Investor” business visa reflects the Kingdom’s Vision 2030, which aims to diversify Saudi Arabia’s economy and move from dependence on oil to a diversified and innovative economy, and foreign investments are one of the most important pillars of this vision.
Strategic development
He explained that the launch of the business visit visa service is “expected