The Kingdom has advanced 13 points in the labor market efficiency index compared to last year (2018), according to the Global Competitiveness Report for 2019, Saudi Press Agency (SPA) said on Saturday.
Saudi Arabia has also advanced in five subsidiary indices that measure aspects of market efficiency, according to a report issued by the World Economic Forum (Davos).
The efforts of the Ministry of Labor and Social Development have contributed to developing and stimulating private sector growth and expanding in Saudization and empowerment of young entrepreneurs and startups. In this regard, until the end of last year, the ministry launched 68 initiatives to stimulate private sector growth.
The ministry has also developed recruitment procedures, launched a manpower platform, continued automation of services, made available its services on the platforms of other government authorities, and enabled self-assessment of firms in compliance with the labor market regulations and bylaws.
The ministry has also signed several agreements with a number of government authorities supervising activities in various sectors. It has built a strategic partnership with the private sector in different fields supporting the labor market.
As to the domain of supporting entrepreneurs, small enterprises and startups, during the past year the ministry and the labor and social development system have provided a number of support and empowerment programs, financial loans, training entrepreneurs, and owners of SMEs and startups, in addition to other stimulants.