RIYADH — The Fifth Future Investment Initiative (FII) held a panel discussion with the participation of Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer; General Counsel at the Public Investment Fund Shihana Al-Azzaz; Visiting Professor of Law at Georgia State University Y.S Steve Lee, and Australian Minister of Trade, Tourism and Investment Dan Tehan.

The panel discussed the importance of legislation and laws of countries, as some countries made changes and updates in their laws to attract foreign investments, where foreign investments have a pivotal role in the success of countries' economy.

The participants stressed the importance of involving the private sector for its contribution to increasing the economic growth of countries, and creating many job opportunities for young people.

They also addressed climate change, reducing carbon emissions, the use of clean hydrogen and long-duration storage of energy and carbon, stressing the importance of countries' commitment to strictly enforce laws in order to gain the trust of foreign investors.

The Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer stressed that foreign direct investment is an important factor for the growth of the economy, as it contributes to providing job opportunities.

Al-Mudaifer indicated that foreign investment in the Kingdom of Saudi Arabia increased in the first quarter of 2021 by about $40 billion. — SPA