Aftermarket Business World columnist Larry Silvey says there are several factors why Saudi Arabia is a growing automotive market in his column, “Saudi Arabia has created a friendly environmnet for foreign investment.”
The Kingdom of Saudi Arabia is the largest country in the Arabian Peninsula. Its population of 32 million people includes many consumers with moderate to high disposable incomes, so they can afford a range of imported products.
The government of Saudi Arabia says it is committed to foreign investment and offers a friendly business climate. It is open to selling locally and abroad if the local market can’t sustain the business. It is considered to be politically and economically stable and has shown resilience against outside political forces, as well as an expanding economy.
According to the U.S.-Saudi Arabia Business Council, it is committed to the sanctions of the World Trade Organization, which allows foreign operators to completely own their companies, assets and property. For foreign operators, the USSABC says, “There is also no personal income tax, no value-added tax, no sales tax, no land tax, no property tax and a maximum 20 percent tax on corporate profits.” Saudi Arabia offers low-cost loans from a development fund to bankroll business start-ups. Click here to read the entire article.
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