Committee of Economics and Energy recommended the study of the amendment approach of foreign investment system. On Monday (after tomorrow), it will present the approach suggested by the members Mohamed Al Quwaihes, Salem Al Merry and Abdullah Bukhary to be discussed in front of Shura Council according to Article 23 of Council regulations. The approach includes the addition of some articles to the foreign investment system. As Al Riyadh phrased it "...the most important addition is that the minimum amount of foreign capital is 10 million Saudi riyal of foreign fund transferred by some registered bank of Saudi Arabian Monetary Agency (SAMA). One of the proposed amendments is an article which obligates the Saudi Arabian General Investment Authority (SAGIA) to present all the foreign investments to be approved on condition that the Council must make a decision in a month from the date of submitting the request. The amendments are meant to prevent the foreigner who was working for a company to submit a similar investment project to compete with the Saudi establishment he was working for, unless he exit KSA for five years at least. The approach obligates the foreign investor to give priority to purchase and recruitment in his proposed project for manufacturing and local labor force according to the regulations. The amendments called for SAGIA to develop the partnerships between investors and small and medium Saudi business owners in successful profit. The amendments includes that SAGIA must plan different schemes to encourage Saudi capitals abroad to get in again. Also it must study the results of foreign investments system and update it accordingly every ten years.
