Supporting e-commerce is one of the most important strategic objectives aimed at achieving the Kingdom's Vision 2030. It is one of the cornerstones of the national economy and promotes economic diversification, creation of an attractive environment for investments, support of entrepreneurship and creation of jobs. The Kingdom seeks to strengthen its position in the United Nations index of e-commerce transactions between consumers and companies from 63 to 35 by the end of 2020, and raise its ranking in the index of inter-firm e-commerce transactions from 34 to 25, and the Kingdom is one of the top ten developed countries in this promising sector.
The approval of the Council of Ministers on the e-commerce system confirms the government's keenness to enhance confidence in the sector, in addition to provision of the necessary protection to the consumer from methods of fraud as well as preserving the rights of all parties. These objectives enhance the consumer's confidence in e-commerce transactions, as the volume of this trade in the Kingdom is SAR80 billion, recording one of the largest e-commerce markets in the Middle East and North Africa.
The e-commerce sector is currently at the forefront of the global economy, and deemed its main pillar. Everyone is now seeing how the business environment has changed into the e-economy, with the increasing use of smartphones as well as the development of electronic payment systems, shipping and delivery and competition of major companies on their electronic platforms and promoting their products to all countries around the world rather than using traditional trade methods, granting consumers many options and helping them get these products at the lowest prices.
The Kingdom is keen to raise awareness of the importance of e-commerce, its current and future impacts and the sectors benefiting from it, and the most important advantages and benefits it provides. The Kingdom is also keen to find the legal regulation necessary for the e-transactions and contracts. It has a strong experience in providing e-government services and training and qualifying human competencies in this field.
Certainly, the new e-commerce system will contribute to the economic diversification away from oil, boost the competitiveness of emerging companies, accelerate the flow of foreign investment and attract e-commerce giants. The Kingdom has a world-class telecommunications and internet infrastructure which helps provide the e-commerce solutions at reasonable prices, stimulates e-commerce activities and help consumers have access to the e-commerce system