Riyadh: Saudi Arabia’s Economy Minister Emphasizes Transformation Towards Vision 2030
In a conference held in Riyadh, Economy Minister Faisal Al-Ibrahim highlighted the significant changes in Saudi Arabia’s economy since the launch of Vision 2030. The business environment is undergoing a shift with the creation of new sectors, moving towards diversifying income sources away from oil.
Industrial Policies Driving Economic Diversification
At the event titled “Industrial policies to promote economic diversification,” Al-Ibrahim discussed the legislative and economic regulations that have been altered to promote sustainable development. The initiation of megaprojects like NEOM and the Red Sea have led to the creation of new sectors, shaping a new business landscape in the Kingdom.
Global Economic Transformation Ahead
“We stand at a crossroads to change the global economy,” stated Al-Ibrahim, emphasizing the need for strategies to ensure a flexible and sustainable economy. Foreign investments are crucial for long-term competitiveness, according to the minister.
Medium-Term Focus on Technological Shifts
Al-Ibrahim highlighted Saudi Arabia’s efforts in the medium term to transform sectors through technological advancements. The Kingdom aims to achieve development by balancing short-term gains with long-term success.
Economic Studies for Diversification
Since the launch of Vision 2030, the Ministry of Economy and Planning has conducted numerous economic studies to diversify the economy. Objectives for all sectors are being developed, complexity levels raised, and emerging economies studied to enhance the Kingdom’s capabilities.