Monday, 06 December 2021 12:08 GMT

Saudi Press: HRH Crown Prince Launches National Investment Strategy


(MENAFN- Saudi Press Agency) Riyadh, October 12, 2021, SPA -- Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.
Al-Bilad and Al-Riyadh newspapers reported in their editorials that about five years ago, the Kingdom's Vision 2030 promised to build a strong national economy, based on economic sectors characterized by financial sustainability and capability to support the country's treasury. The Kingdom's Vision 2030 regularly surprises the entire world with ideas, programs and projects that confirm its success in reaching the farthest point of building a modern state, with a different economic mechanism in line with the characteristics of the economies of major countries.
The newspapers added that the Kingdom of Saudi Arabia enjoys enormous natural resources, wide investment opportunities, a distinguished strategic location, and a growing international position, which has qualified it to occupy a prominent position among the most powerful economies in the world. Through Vision 2030, Saudi Arabia seeks to increase the private sector and local and foreign direct investments contributions to the GDP.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council for Economic and Development Affairs, has stressed these ambitious goals by launching the National Investment Strategy (NIS), a key enabler to deliver on Vision 2030, which will contribute to the growth and diversification of the Kingdom's economy, which, in turn, will achieve many Vision 2030's goals, including increasing the contribution of non-oil exports to GDP from 16% to 50%, reducing the unemployment rate to 7, and positioning the Kingdom among the top ten economies in the Global Competitiveness Index by 2030.
With HRH the Crown Prince's launch of the NIS, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities, since investment is one of the main routes to achieve the ambitions and aspirations of Vision 2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of Saudi human resources. The NIS will draw up comprehensive investment plans for sectors, including manufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care, which all will enable the Kingdom to move towards a bright future.
The newspapers concluded that the launch of the National Investment Strategy came at an appropriate time, after the Kingdom's success in controlling the COVID-19 pandemic. The Kingdom of Saudi Arabia's economy has opened up to investors to recover from the repercussions of the pandemic.
--SPA
12:07 LOCAL TIME 09:07 GMT
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