Time: December 20, 2019
- The Kingdom jumped 72 global positions in “Trading Across Borders” measure
- It is an indicator which compares the time and cost of exporting and importing goods
LONDON: Saudi Arabia has been ranked as the world’s top ease of doing business improver by the World Bank Group’s Doing Business 2020 report.
The Kingdom jumped 72 global positions in “Trading Across Borders” measure — an indicator which compares the time and cost of exporting and importing goods.
The reforms included reducing customs clearance from seven to ten days to 24 hours, the reduction of the manual inspection rate at customs from 89 percent to 48 percent, and the reduction of the number of documents required to import from 12 to 2 and to export from 8 to 2.
“The recognition of Saudi Arabia’s progress by the World Bank confirms our sustained efforts to drive efficiency and competitiveness in the country’s logistics sector,” said Saleh bin Nasser Al-Jasser, transport minister and Saudi Logistics Hub chairman. “The Saudi Logistics Hub is now inviting foreign investors and business partners to join our ambitious journey to consolidate Saudi Arabia’s status as a leading logistics hub.”
Earlier this year, the Saudi Logistics Hub unveiled a $35 billion spending plan to transform the Kingdom into a global logistics center.
The Saudi Logistics Hub is currently on a two-month global roadshow, with a final stop in Germany in January 2020, which aims to promote investment opportunities in Saudi Arabia’s logistics industry. It also took in the UAE, Jordan, Egypt, China, Japan, Singapore, India, and Germany.
Saudi Arabia has invested more than $100 billion into transport and logistics infrastructure over the last decade which aims to capitalize on the 12 percent of global maritime trade that passes through the Red Sea.
The Saudi Logistics Hub is a government initiative formed by transport and logistics groups in Saudi Arabia with a mandate to support growth in the sector.