Saudi Gazette report

TOKYO – Minister of Commerce and Investment Dr. Majid Bin Abdullah Al-Qasabi has said that the Kingdom’s investment compass is pointing in the right direction and is showing positive signs.

This came during a briefing to the media delegation accompanying Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, to the G20 summit in Osaka, Japan.

Al-Qasabi was accompanied by Minister of State for Foreign Affairs and Cabinet member Adel Bin Ahmed Al-Jubeir and Minister of Media Turki Bin Abdullah Al-Shabanah.

Al-Qasabi gave a review of the strengths of the G20 summit and the Kingdom’s prominent role in it as well as the elements of success of the forthcoming G20 summit in Riyadh.

He said: “The economy of the G20 countries forms 85 percent of the world economy while the G20 countries’ investment volume comprises 80 percent of the global investments. The G20 countries’ trade represents 75 percent of the volume of global trade," he said.

The presence of the Kingdom at the G20 summit confirms the pivotal role of Saudi Arabia in taking the world economies to wider horizons. He deemed the Kingdom’s participation in these important international forums, in itself, as an accomplishment.

Al-Qasabi drew attention to the fact that the investment legislative infrastructure is also moving in the right direction. The same applies to the rest of the systems related to commerce, investment and professional companies. He said the evidence is that the various economic sectors in the Kingdom are witnessing growth.

“Economic reforms are continuing, the figures are giving good indications, the investment and commercial environment is promising, and the opportunities and the future are promising,” he said.

The Minister of Commerce and Investment described the Crown Prince as “a strong man” and “a pragmatic decision-maker”, who possesses all the attributes for heralding change in the Kingdom and taking it to a high extraordinary international stature.

Meanwhile, Al-Jubeir briefed the media delegation on bilateral meetings held by the Crown Prince with the G20 leaders.

Al-Jubeir stressed that the Kingdom is carrying out a big role in the G20, in terms of its contribution to the world economy.

He said that the Crown Prince’s meetings with several G20 leaders dealt with the means to strengthen bilateral relations with those countries and the Kingdom’s role in achieving stability in the region and the world, and exchanging views on a number of issues, including the Iranian regime’s policies in the region.

Al-Jubeir pointed out that the Kingdom does not want war. At the same time, he stressed that the Iranian regime should not be allowed to continue its hostile policies, like targeting oil tankers and oil pipelines.