A major global company specialized in consultancy work is currently conducting a study to analyze Saudi exports and bilateral trade efficiency to enhance the economic development process in the Kingdom.
The study is being conducted in cooperation with the Council of Saudi Chambers (CSC) and the economic sector in the General Secretariat of the League of Arab States and the Global Coalition for Efficient Logistics (GCEL).
The program comes as part of the efforts to enhance performance of the business sector in the Kingdom and create competitiveness and trade relations in global markets. It also aims at addressing the lack of efficiency as regards supply chains from production through distribution, which can be improved through more reliance on new technologies.
According to an official from the CSC, the target of the study is to reduce costs of bilateral trade. which will lead to an annual saving of $ 4.1 billion, to minimize average operational costs to 15 percent as well as to enhance the growth of business institutions through securing bank credits. In addition, local companies will increase their revenues and expand their exports by getting the right opportunity to communicate with new clients across the Kingdom and the world.
The study is also expected to identify prospects of businesses to expand their area of operations through exchange of information and expertise with their global counterparts.
Reproduced with permission from Arab News