Saudi Arabia has one of the worlds most resilient economies: Al-Falih

RIYADH — Saudi Arabia’s economy is one of the world’s most resilient economies as the strength of any economy lies in its ability to withstand shocks, Saudi Minister of Investment Khalid Al-Falih said on Wednesday.

Al-Falih made the remarks during a discussion session as part of the Global Digital Summit Series which is being organized by the Financial Times Network in cooperation with the Saudi Ministry of Investment and the Saudi Secretariat of the G20.

Despite the current circumstances, Saudi Arabia is proceeding with its development plans and major projects in line with Vision 2030. The Kingdom is keen on supporting investors, as it seeks to empower the youth — the main driver for Vision 2030, he said.

Al-Falih also said that Saudi Arabia is encouraging investment in industry, health, biotechnology, and pharmaceutical industries, expressing his optimism about the future of investment in the Kingdom despite a decline in global growth rates. He added that economic reforms, the empowerment of youth, and setting up of special economic zones will help the Kingdom recover from the coronavirus pandemic fallout.

Al-Falih said that it is important for governments in the world to build real partnerships with the private sector, pointing out that the Kingdom has demonstrated great interest in the private sector during the pandemic.

He highlighted the role of governments in the world in identifying the challenges facing investors in the world and providing them with the necessary support, citing the Saudi support of such efforts.

It is worth mentioning that the Global Digital Summit is being held over a period of four days (Oct. 21-22 and Oct. 28-29), with the participation of the most prominent officials and business leaders of major international companies. The summit will touch upon a number of themes and topics, most notably building the digital economy, sustainable development, and promoting employment and skills acquisition.