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Saudi Arabia has launched the Global Supply Chain Resilience Initiative (GSCRI), which aims to make the country the preferred location for the world’s leading industrial companies looking to improve their competitive advantage and improve business resilience.
The initiative was launched by His Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Economic and Development Council.
The plan will support growth in key industries and aims to attract 40 billion riyals of investment in the first two years. An incentive budget of 10 billion riyals has been earmarked to support several initiatives, including financial and non-financial support for global investors interested in incorporating Saudi Arabia into their supply chains.
This initiative will provide an excellent opportunity to achieve mutual success. His Highness Prince Mohammed said that along with other development initiatives launched in recent years, this will help enable investors from all walks of life to benefit from the Kingdom’s resources and capabilities and support and develop these value chains.
It will also build successful investments that will provide greater flexibility to economies, businesses and consumers around the world. It will ensure that the supply chain is efficiently accessible around the world and is highly competitive and sustainable.
Finally, GSCRI will bring the Kingdom one step closer to realizing its Vision 2030 vision of becoming a top 15 global economy by 2030 and leaving a legacy of prosperity for future generations.
GSCRI is one of the initiatives of Saudi Arabia’s National Investment Strategy, which was launched in October 2021 to accelerate efforts to make the kingdom a global investment powerhouse. The initiative aims to enable global investors to optimally utilize the kingdom’s natural resources and untapped potential, and to build strong relationships with regional and global markets.
GSCRI aims to make the Kingdom the best investment environment for all investors in the supply chain through several steps. These steps include identifying and developing investment opportunities and presenting them to investors, establishing in the near future some special economic zones through which an attractive environment can be created for investors, in addition to attracting regional headquarters of international companies to the kingdom.
The Kingdom is also committed to implementing regulatory and procedural reforms in various aspects, which in turn will help to further improve the investment climate and increase its attractiveness and competitiveness. And in line with the goals of Saudi Vision 2030, enabling investment to play an important role in achieving economic growth and diversification.
The pandemic, trade disputes and geopolitical landscape have disrupted or weakened global supply chains, driving up commodity prices and disrupting production and distribution. The initiative aims to strengthen Saudi Arabia’s position in the global economy and mitigate the effects of global unrest.
The Global Supply Chain Resilience Initiative will leverage Saudi Arabia’s resources, infrastructure and geographic location to bring greater resilience to economies and companies in Europe, the Americas and Asia, while further enhancing Saudi Arabia’s position in the global economy.
Saudi Arabia offers investors a strong value proposition in several key ways. It offers a resilient economy, the largest in the Middle East and the fastest growing in the G20, strategically located at the center of three continents and a source of critical raw materials for manufacturing. Saudi Arabia also provides oil, gas, electricity, renewable energy and human resources at competitive costs.
The Kingdom offers a strong logistics infrastructure in industrial cities, airports and ports, and ambitious expansion plans are underway as part of the national transport and logistics strategy. Significant progress has been made in the country’s digital infrastructure, with high-speed internet coverage widespread and nearly 80% of the population now having access to 5G.
The Saudi workforce is young, well-educated and ambitious, with Saudis under 30 making up about 60 percent of the population, the statement said. – arab trade news agency
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