Last Updated on January 12, 2024 by The Health Master
Saudi Arabia has unfolded new reforms and has offered to provide amicable, transparent and corruption-free investment environment for new investors who wish to set up their manufacturing facilities in the Arab region.
With an objective to achieve Saudi Vision 2030, the Saudi Arabian government has enacted new reforms and provides new environment for investment opportunities for foreign investors in the country.
As part of this, the Saudi government has formed an anti corruption authority (Nazaha) whose role is to ensure that there is no corruption whatsoever and ensure accountability, transparent governance, implementation of e-governance, efficiency and transparency with regard to applications of new investors and approvals for the same.
For the assurance of a level playing field for the investors, the Saudi Arabian government has also decided to establish ‘Investor care’ under Nazaha authority. They have also created an email called investorcare@nazaha.gov.sa.
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Through this email, investors can report suspected acts of corruption or can even report on the complications of government policies or procedures that facilitate corruption.
To facilitate the investors, the Saudi government has also established a web portal called Etimad, which is launched to leverage partnership between government entities and private sector in order to accomplish the developmental projects in the country.
The main role of this portal is to achieve digital transformation of services, increase transparency, efficiency and facilitate processes.
While informing about the new investment opportunities in Saudi Arabia, Pharmexcil Director General Ravi Udaya Bhaskar said that the Indian pharma and biotechnology industries can utilize the investment opportunities to grab the local markets in the Saudi and surrounding region.
“Unlike earlier, where Saudi Arabia used to be an orthodox and most complex society for foreign investors, of late the local governments in Saudi are slowly evolving and catching up with new business models of attracting investors in various fields of businesses.
With new reforms coming and as the Saudi government is assuring transparent, corrupt free and efficient policy initiatives, Indian firms can also utilize these opportunities and invest in Saudi Arabia, to get hold of vast markets in the Saudi and surrounding regions,” opined the Pharmexcil Director General.
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