JEDDAH (Khalij Times) -— Saudi Arabia has been urged to issue new laws to improve the country's investment climate.

"New laws governing sponsorship and the treatment of foreign workers, laws concerning the Capital Market Authority, corporations and taxes on foreign investors are some of the areas that need amendments," according to Usamah Kurdi, member of the Shoura Council and former official of the Ministry of Trade and Industry.

"Joining the World Trade Organization (WTO) itself will not boost the investment climate in the kingdom but implementing its laws is an opportunity for the future," he added.

Speaking at the recent symposium titled “Investment Climate and its Development in the kingdom” held in the Saudi capital, Kurdi said that the kingdom faced many obstacles that hindered its development in the investment sector. A major one was the difficulty in getting a visa to visit Saudi Arabia. Another problem was the long time taken in issuing industrial licenses.

"Despite the kingdom's progress in the international classification of countries that simplify labor procedures, it still takes a long time," he said. "The current sponsorship system in the kingdom is another hindrance which needs to be changed," he added.

Kurdi stressed the need for coordination between government bodies in the kingdom, and called for the implementation of the accords that the kingdom has signed with Persian Gulf Cooperation Council (PGCC) as well as Arab countries. He explained that other obstacles include the lack of support for the Small and Medium Enterprises (SMEs) in the kingdom. He said that though the kingdom's economy is "strong and diversified," yet it is vital that it sustain growth.