Riyadh: Minister of Economy and Planning Faisal Alibrahim engaged in a dialogue session at the ninth edition of the Future Investment Initiative (FII9) Conference, where he reviewed the significant economic transformations occurring in Saudi Arabia under Vision 2030. He particularly emphasized the crucial role the private sector plays in achieving the nation's development goals.
According to Saudi Press Agency, Alibrahim highlighted that the private sector is the main driver of growth in non-oil activities. He pointed out that since the inception of Vision 2030 in 2016, there has been a notable increase in the sector's contribution to the gross domestic product (GDP). This growth signifies the success of the economic policies and reforms designed to foster a thriving business environment.
The minister further explained that Saudi Arabia is prioritizing structural reforms aimed at enhancing the dynamism of the private sector. These ongoing efforts have led to improvements in market efficiency, heightened competitiveness, and the diversification of economic opportunities for both investors and entrepreneurs.
Alibrahim noted a transformation in the Kingdom's business culture since the launch of Vision 2030, which now emphasizes efficiency, speed, and innovation. This cultural shift has bolstered the Saudi economy's capacity to adapt to global changes and achieve substantial progress in performance and productivity.
He also mentioned that economic resilience should be seen as a competitive edge rather than just the ability to endure shocks. By strengthening this resilience, countries can attract investments and boost market confidence in their stability and sustainable growth. The Kingdom is actively pursuing deeper global economic integration and fostering innovation-driven entrepreneurship, thereby solidifying its status as a leading economic hub connecting regional and global markets.
Minister Alibrahim concluded by underscoring the significance of technology as a fundamental pillar in enhancing global economic stability. He stressed that technology facilitates quicker crisis responses, anticipates future risks, and improves coordination and integration across economies. Investment in technology and innovation, he asserted, is a strategic approach to achieving sustainable growth.