Improvement Regulations and the Legislative Environment of the Industrial Sector Initiative

Improving regulations and the legislative environment of the Ministry of Industry and Mineral Resources and its entity, and the governance of the industrial sector through the development and adoption of the industrial sector governance document, in order to improve and raise the efficiency of the relationship between the ministry and other ministries. On the other hand, the ministry as a legislator and the other entity bodies, as well as ensuring harmonization of the regulations of other parties related to the industrial sector and the objectives of the national strategy for industry, inventory of the regulations, decisions, and legislation related to the industrial sector and the industrial investor's journey in the localization of the target industries in the national strategy for industry, review them and suggest additions and improvements. For example, but not limited to: improving legislation for incentives and financial exemptions for industrial investments; reviewing and updating the High Commission for Industrial Security's regulations; improving the legislative environment for venture capital investment; enhancing protection mechanisms; fair competition and combating commercial fraud in strategic industries; listing national products in mandatory lists; supporting and activating the commitment. Establishing and running a legislation and policy evaluation unit to improve the mechanism of industrial legislation and continuously evaluate it in order to increase the effectiveness of legislation and reduce any negative economic effects.

Localizing promising industries.

1. Developing and approving the industrial sector governance document.

2. An inventory of regulations, decisions, and legislation related to the industrial sector and the industrial investor's journey in localizing the targeted industries in the national strategy for industry, reviewing them, and suggesting additions and improvements.

3. Establishment and operation of the legislation and policy evaluation unit.