RIYADH: Saudi Arabia’s Ministry of Investment on Saturday signed a memorandum of understanding with Amazon Saudi Arabia, to support small and medium enterprises in the Kingdom, the Saudi Press Agency reported.
Investment Minister Khalid Al-Falih oversaw the signing ceremony at the ministry’s headquarters in Riyadh. Under the agreement, the ministry and Amazon will form a joint committee that will meet twice a month to “explore reforms across a range of areas including development of skills, technology and infrastructure, supporting knowledge and trust in online shopping and e-payments, and working with relevant public sector entities to produce and deliver support and incentive programs to accelerate the growth and adoption of investments in digital services and e-commerce.”
Al-Falih said the partnership will open growth opportunities for SMEs and create job opportunities across the Kingdom.
“We will learn from Amazon’s global practices and leverage its talents and expertise to bring world-class innovation and sustainable investment practices to the Kingdom.
“One of our objectives at the ministry is to create long-lasting partnerships with leading international organizations that will provide the local market with economic value and global expertise,” said Al-Falih.
Ronaldo Mouchawar, Amazon vice president for MENA, said the partnership will contribute to providing customers with a wide range of products that are based on the latest technologies and artificial intelligence.
In addition, the deal will help create better tools for local sellers to develop their business through overcoming challenges and benefiting from the great growth opportunities in the Kingdom, Mouchawar said.
He stressed that Amazon’s commitment to the Kingdom will contribute to accelerating the digital economic growth.