Private Sector Plays Crucial Role In Achieving Vision 2030 And Non-Oil Economic Growth

At the ninth Future Investment Initiative (FII9) Conference, Minister of Economy and Planning Faisal Alibrahim discussed Saudi Arabia's economic transformation under Vision 2030. He highlighted the private sector's crucial role in achieving development goals. The minister noted that since Vision 2030's launch in 2016, the private sector's contribution to the gross domestic product (GDP) has significantly increased, showcasing effective economic policies and reforms.

Alibrahim emphasised that the private sector is vital for growth in non-oil activities. He stated that structural reforms and enhancing the private sector's dynamism are priorities for the Kingdom. These efforts have improved market efficiency, competitiveness, and diversified opportunities for investors and entrepreneurs. The business culture has shifted towards efficiency, speed, and innovation since Vision 2030 began.

The minister also pointed out that this cultural shift has strengthened Saudi Arabia's economy, enabling it to adapt to global changes while achieving significant performance improvements. Economic resilience is seen as a competitive advantage rather than just shock resistance. Strengthening resilience attracts investments and boosts market confidence in stability and sustainable growth.

Saudi Arabia is actively working to deepen its global economic integration and foster innovation-driven entrepreneurship. This approach aims to reinforce its position as a leading economic hub connecting regional and global markets. Alibrahim stressed that technology plays a fundamental role in enhancing global economic stability by accelerating crisis responses, anticipating future risks, and improving coordination across economies.

The minister concluded by highlighting technology and innovation investment as strategic paths for sustainable growth. By focusing on these areas, Saudi Arabia aims to enhance its economic resilience and maintain its competitive edge globally.

With inputs from SPA