KSA International Business Councils Bylaw, recently issued by Commerce Minister Dr. Majid Al-Qasabi, has facilitated the establishment of joint regional Saudi business councils, which will contribute to the development and development of trade and investment ties between the KSA and the countries in the region.
It is on conditions that the members of the executive Councils are prepared to operate on a voluntary basis and are able to engage in the Business Council’s operations, taking into consideration the collection, representation of the main exporters, importers, and major corporations of the respective countries.
Regional councils may negotiate with countries that have particular economic relationships or are not in competition from/throughout the private sector due to factors such as the scale of the economy of the country and the investment opportunities therein.
The membership fees in the Council’s Executive Committee are SR50,000 for the position of Chairman of the Executive Committee, SR30,000 for the position of Vice President, and SR10,000 for membership of the Executive Committee, according to the amendments to the Saudi International Business Councils Bylaw. As for Company Council general members, payments are not levied on them.
The Business Council will be composed of at least 7 members, elected by chambers and chambers council.
In the meantime, the Council of Chambers Secretariat will present the list of candidates’ names but it will not select them to represent the biggest exporters and importers, small and medium-sized companies, businesswomen, and major corporations.