Saudi Gazette report

WASHINGTON — Minister of Commerce Dr. Majed Al-Qasabi said that Saudi Arabia’s economy has witnessed, since the launch of the Vision 2030, radical changes that have opened up many new sectors to foreign investors and pushed the Kingdom’s economy to the 18th rank globally.

Addressing the opening session of the “US and Saudi Business Leaders Forum” here on Monday, he said that the Kingdom is stretching out its hands to everyone, including investors and visitors, to explore the opportunities that are abound in the Kingdom in tourism, economy, culture and human sectors.

Several prominent figures, including US Secretary of Commerce Wilbur Ross, US Ambassador to Riyadh John Abi Zaid and Saudi Ambassador to the United States Princess Rima Bint Bandar Bin Sultan attended the forum, which saw the participation of around 110 major US investors.

Dr. Al-Qasabi affirmed the depth of the historical relations between the two countries that date back to several decades, recalling the historic meeting of the late American President Franklin Roosevelt with King Abdul Aziz on board the ship USS Quincy in the Suez Canal.

He said that the two leaders expressed great aspirations for the future of the relationship between the two peoples, and laid the foundations for strong relations that have brought the two countries together with strong bonds for a long period of time.

The minister drew attention to the ongoing reforms in the Kingdom thanks to the Vision 2030 launched by Crown Prince Muhammad Bin Salman, saying that the reforms aim to diversify the economy and open doors to economic opportunities in many sectors and development of trade and investment.

Al-Qasabi highlighted the vast economic opportunities that abound in the Kingdom, with huge presence of natural resources and a conducive geographical location. It is positioned such that it connects three continents, which constitutes a major transportation hub for humans and goods, along with the Kingdom’s religious significance, and the human wealth it possesses in terms of expertise and knowledge.

“We are in the midst of a dynamic and fast growing region that includes more than 424 million consumers, and there are more than two billion consumers that do not need more than 3 hours of air travel to reach each other’s destination. In addition to this, we have been playing a leading global role in the energy field for years, in addition to our other natural resources which make us an excellent platform for manufacturing and production in many sectors and industries that need large energy resources,” he said.

Dr. Al-Qasabi highlighted a number of achievements recorded since the launch of the Vision in 2016. Among those, he said, is the great start to the tourism sector, the selection of the Kingdom to be the first Arab country to organize the G20 summit, allowing full ownership to foreign investors, and the reforms aimed at empowering women professionally and socially.

“Our economy today is stronger than ever and we are ranked 18th among the top 20 global economies. We have a rich culture and heritage that our visitors can explore, and we have new fast-growing sectors that provide great economic opportunities to our citizens and foreign investors alike and at all levels.”

Foreign direct investment in the Kingdom rose by 9 percent, the minister said, noting that preparations have already started for an international summit on foreign direct investment in the Kingdom in October, and it will be held in coordination with the United Nations Conference on Trade and Development.

Dr. Al-Qasabi also drew attention to the expectations of the International Monetary Fund (IMF) that economic growth in the Kingdom would continue during the next two years by 1.9 percent and 2.2 percent respectively, supported by the high government spending — making the Kingdom the 8th largest spending country in the world in proportion to its GDP. It also maintains levels of debt — no more than 20 percent — that is among the lowest in the world, according to its GDP.

The minister invited all the participating investors to visit the Kingdom and explore the promising opportunities it provides, based on the deep partnerships that have brought the Kingdom and the United States of America together.

The forum was conducted as part of a tour of the minister in the United States to promote investment in the Kingdom. The tour will also take him to New York and Boston, where he is scheduled to hold a series of meetings to further promote investment opportunities in the Kingdom in many sectors, foremost of which are health, energy, industry, tourism and financial services.