Eastern Chamber welcomes the decision of the cancellation of the minimum capital of industrial projects and considers it a

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Eastern Chamber welcomes the decision of the cancellation of the minimum capital of industrial projects and considers it a motivation

Ataishan: the decision is important to broaden the base of supporting industries
 
  Chairman of the East  chamber Abdulrahman bin Saleh Al Ataishan welcomes the decision of the Ministry of Trade and Industry, the  cancellation of the requirement of minimum capital to establish industrial  enterprises , describing it as  motivating  to small and medium enterprises with industrial activities and business leaders,  to become wider and continue to grow.
Ataishan assured the pros of the decision regarding supporting national the trends toward diversifying the economic base and contributing the increase of the amount of exports of non-oil ratio in the national income, which exceeded the l178 billion riyals in 2015.
  Ataishan predicted that the procedure will contribute to the revitalization of the complementing or supportive cycle industries, which the basic industries need in the kingdom, as well as encouraging young people of the owners of creative industrial ideas to start their industrial projects   without any obstacles that might limit their ideas.
He pointed that to facilitate the establishment of industrial projects, procedures, positively results in increasing the industrial base in the country, pointing   that the number of factories in the country moved from triple digits in the seventies of the last century to the thousands and intakes tens of thousands of Saudis, and the number of factories raised up in the Kingdom to reach 6871 factories with investments estimated of 2 Billion Reals, with about 935 thousand workers.
  Ataishan pointed  that the  decision gave specific treatment for the problem of funding, which has always been the most prominent challenge for the  promising ideas, and he  drew the attention to  the fact that  a powerful industrial sector shall produce the  biggest portion of the needs of the state, it begins with the beginning of the clarity of the base, on which it stands, this decision would determine the actual amount of industrial investment in the Kingdom, and thus knowing the weaknesses  points to strengthen them and points of imperfections to consolidate them, for the development of the real contribution to the national economy.
Noting that this decision is important to promote industrial investment opportunities, especially for young people from small and medium entrepreneurs, pointing   that the breadth of the industrial base in the country reflects positively on increasing employment opportunities, pointing that the industrial sector is one of the most economic sectors accommodating labor in the country.