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PRIVATE SECTOR KEY FOR GROWTH

Eng Al-Falih speaks at the roundtable meeting. Image courtesy: SPA

Saudi economy targeted to reach $1.7 trillion: Al-Falih

RIYADH, February 6, 2024

Saudi Arabia's economy is expected to grow from SR2.6 trillion ($694 billion) to SR6.4 trillion ($1.7 trillion) under the Vision 2030 programme and the private sector plays a key role in this economic growth, said Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih.
 
Taking part in the PIF Private Sector Forum 2024 ministerial session, Al-Falih stressed that the private sector is the primary driver of economic diversification, and Vision 2030 prioritises the sector and places emphasis on achieving economic diversification, said a Saudi Press Agency report.
 
Al-Falih said the kingdom plans to launch the "Investor Confidence Index", which measures investor confidence levels biannually in order to provide insights into challenges, and into the requirements necessary for the private sector to grow.
 
He also highlighted the kingdom's stable legislative, regulatory, and legal environment, which fosters a favourable and sustainable development of the private sector.
 
$3.3 trillion opportunities
Addressing the Saudi-Switzerland Roundtable Meeting in Riyadh on Monday, Eng Al-Falih pointed out that the investment opportunities in the Kingdom will exceed $3.3 trillion by the end of this decade, which will create tremendous opportunities for companies and investors in all economic sectors. 
 
The meeting was also attended by Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef; Federal Councillor and head of the Department of Economic Affairs, Education and Research of Switzerland Guy Parmelin, CEOs of major companies from both countries, as well as several government officials and private sector representatives from Saudi Arabia and Switzerland.
 
Parmelin commended the Kingdom on recent achievements, such as the successful bid to host Expo 2030 in Riyadh, the upcoming hosting of the World Cup 2034, and other accomplishments that highlight the Kingdom's efforts to attract and facilitate investments. 
Switzerland expressed its desire to be a part of the remarkable development witnessed by the Kingdom. This commendation came within the framework of the strong investment and economic relationship between the Kingdom and Switzerland.
 
The meeting reviewed investment opportunities, enhancing investment relations between the two countries, boosting efforts to develop economic and investment ties between the Kingdom and Switzerland, developing quality investments and entrepreneurship for major companies, and enabling the private sector to capitalize on investment opportunities in both countries.

 




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