An economic system that competes worldwide – Albilad newspaper

Land – Muhammad Omar

Economists have unanimously agreed on the Kingdom’s success since the launch of Vision 2030 in implementing many initiatives that support the achievement and implementation of major projects, following the successes of structural reforms and the benefits of enabling economic transformation.
In their interview with Albilad, they added that most indicators of international competitiveness point to the rapid development in the Kingdom’s ranking, led by Crown Prince Mohammed bin Salman, the Crown Prince, for the ambitious goals of the Kingdom’s Vision 2030, and his direct and accurate follow-up of the sustainable development map and maximizing the attractiveness of local and foreign investment.
First, dr. Hossam Al-Ghayesh, an economist, that Saudi Arabia’s achievement of many organizational and legislative gains has contributed to strengthening the stages of practical performance and increasing the effectiveness of government performance and private sector partnership. , including increasing the capacity of enterprises and institutions to benefit from the stimulating business environment, in particular the establishment of the National Center for Competitiveness Main Committees to lead competitiveness reforms in the sectors of industry, agriculture, services and technology to systems and working methods in update businesses to meet the demands of local and global market and production developments, and support the development of manpower and expertise to increase productivity in order to achieve sustainable development goals in line with Saudi Vision 2030 and led by His Highness the Crown Prince , may God protect him.

Governance and Sustainability
Dr. Al-Ghayesh stressed that the next phase will take the pillars of competitiveness, which is productivity, sustainability and inclusivity, in response to global developments, and the lessons learned from the Corona pandemic, demonstrating the crucial role of productivity in sustainable development has. , in addition to the global transformation towards a green economy, and its attractiveness for investment that takes into account the standards of environmental and social practices and governance.
Dr. Hossam Al-Ghayesh indicated that the new work plan adopted by the National Competitiveness Center falls within the framework of the achievements made in the recent period, which is represented in the implementation of more than 600 reforms in the legislative and procedural reforms . aspects that led to the development of the business system and improved the competitiveness of Saudi Arabia, emphasizing that the National Center monitors the challenges facing the private sector from various channels, and it works in integration with more than 60 government agencies to address it according to best. practices.Therefore, Saudi Arabia’s pursuit of global competitiveness is the main driver of the new generation in development that will keep pace with the global developments that do not stop, and the changes that affect competitiveness different sectors in the future, and thus working on the public and private sector’s acceptance of research-based innovation, the establishment of sustainability and growth methods, effective use of resources, and the development of all regions to contribute to building a promising and sustainable future that the Kingdom’s increase global competitiveness.

Competitive pillars of the economy
Salah Allam, an expert in economic law, in turn confirms that the competitiveness of the economy in the Kingdom of Saudi Arabia is based on four main elements: human capital, creative climate, empowering environment and markets, in addition to other support. and the confirmation of sub-elements of the above, such as infrastructure and market work, the financial system and the capabilities of the communications and information technology sector, also taking into account that the Kingdom is taking an advanced position in the quality of roads, and progress in the information technology adoption index, which led to the rapid spread of broadband services and the increase in Internet users, in addition to an increase in the number of patent applications and the level of expenditure on research and development.
Salah Allam pointed out that during its modern era, the Saudi economy saw growth at the level of a large number of sectors, which relied on the Kingdom’s natural resources, its geographical and cultural location, as well as the building of a solid economic base as it has become among the twenty largest global economies and an active member of the Group of Twenty. The global economy and global oil markets, supported by a strong financial system, an efficient banking sector, and giant government companies based on highly qualified Saudi cadres, in addition to the success of structural reforms on the economic and financial side, affecting growth rates, economic diversification and a more attractive environment for local and foreign investors.

Aspirations and achievement numbers
In turn, dr. Ali Abbas, Professor of Accounting, explains that most of the international competitiveness indicators indicate a remarkable development in the competitiveness indicators of the Kingdom of Saudi Arabia in light of the interest of the Vision Leader, His Royal Highness Prince Mohammed bin Salman, the Crown Prince , and to maintain competitive leadership, the Kingdom seeks to pump investment of more than 12 trillion riyals into the local economy by 2030 AD, and the major role of the Public Investment Fund and various national and international companies, under the umbrella of the National Investment strategy.
Also, the pumping of about another 10 trillion riyals from government spending through the state’s general budget over the next ten years, in addition to increasing the private sector’s contribution to GDP to 65% and promoting foreign direct investment by 5.17% of the total. to increase the percentage of non-export Oil to 50% of non-oil GDP, to reduce unemployment to 7%, in addition to the development of detailed investment plans for sectors such as industry, renewable energy, transport and logistics, tourism, digital infrastructure, and healthcare.

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