Minister of Commerce Dr. Majid Al-Qasabi said that the Kingdom of Saudi Arabia’s economy has witnessed, since the launch of the 2030 vision in 2016, radical changes that have opened many new sectors to foreign investors and pushed the Kingdom’s economy to the 18th globally.
He stressed in a speech during a meeting with 110 major US investors that the Kingdom opens its arms to everyone, including investors and visitors, to explore the opportunities that are rich in tourism, economy, culture and people.
This came in his speech delivered at the opening of the "US and Saudi Business Leaders Forum" hosted by Washington on Monday. The forum featured a group of prominent personalities including US Secretary of Commerce Wilbur Ross, US Ambassador to Riyadh John Abi Zaid and Ambassador of the Custodian of the Two Holy Mosques to the United States of America Princess Rima Bint Bandar bin Sultan bin Abdulaziz.
Dr. Al-Qasabi affirmed the depth of the historical relations between the two countries and highlighted economic opportunities in the kingdom.
The minister said that foreign direct investment in the Kingdom rose by 9%, noting the start of preparations for an international summit on foreign direct investment in the Kingdom during the month of October, in coordination with the United Nations Conference on Trade and Development.
Dr. Al-Qasabi also drew attention to the expectations of the International Monetary Fund that economic growth in the Kingdom will continue during the next two years by 1.9% and 2.2%, respectively, supported by the high government spending that makes the Kingdom the eighth largest spending country in the world in proportion to its GDP, yet it maintains levels of debt that is among the lowest in the world, according to its GDP, by no more than 20%.
The Minister of Commerce concluded his speech by inviting all investors present to visit the Kingdom and participate in exploring the promising opportunities it provides, based on the deep partnerships that bring the Kingdom and the United States of America together.
The forum" comes within a tour conducted by the Minister of Commerce in the United States to promote investment in the Kingdom.