Arab News, Thu, Apr 25, 2024 | Shawwal 16, 1445
Saudi economy witnessing a fundamental shift, says minister
Saudi Arabia:
Since the launch of Vision 2030, Saudi
Arabia has witnessed a fundamental shift in its economy and the business
environment is transforming with the creation of new sectors, said the Kingdom’s
economy minister.
Faisal Al-Ibrahim was speaking at a conference in
Riyadh on Wednesday during which he highlighted the fast-evolving business
landscape of the Kingdom focused on diversifying its income sources away from
oil.
Speaking at the event titled “Industrial policies
to promote economic diversification,” the top official said there have been
fundamental changes in the legislative and economic regulations to promote
sustainable development since the launching of the Vision 2030 plan.
He said the Kingdom’s efforts to diversify its
economy have led to the creation of new sectors due to the initiation of several
megaprojects such as NEOM, the Red Sea, and others.
“We stand at a crossroads to change the global
economy,” Al-Ibrahim said.
He stressed the need for strategies to ensure a
flexible and sustainable economy.
“The presence of foreign investments will develop
competitiveness in the long term,” the minister affirmed.
The minister also highlighted how the Kingdom was
working in the medium term to focus on transforming sectors that represent a
technological shift.
Saudi Arabia is keen on achieving development in
the medium term by balancing short-term profits and promoting long-term success,
Al-Ibrahim highlighted.
Since the launch of the vision, the Ministry of
Economy and Planning has conducted several economic studies aimed at
diversifying the economy by developing objectives for all sectors, raising
complexity levels, and studying emerging economies to enhance the Kingdom’s
capabilities.