RIYADH: Sustainability, technological disruption, and supply chain decentralization are reshaping global investment dynamics, according to Saudi Arabia’s investment minister, who spoke at an event in Riyadh.
Khalid Al-Falih, speaking at the 28th World Investment Conference in Riyadh, highlighted that while the global economy is recovering from challenges, geopolitical tensions continue to cause instability.
The WIC 2024, running from November 25 to 27, focuses on digital transformation and sustainable growth, bringing together global leaders to discuss investment policies that will shape future economies.
Al-Falih identified four major trends influencing the global investment landscape: the importance of sustainability investments, the rapid technological disruption, the reconfiguration of global supply chains, and the impact of demographics on investment decisions.
He also noted the dual nature of global investment challenges, including geopolitical instability and trade barriers, but also progress in inflation containment, capital market growth, and consumer confidence restoration.
Saudi Arabia has made significant progress under Vision 2030, with GDP increasing by 70 percent to $1.1 trillion, half of which is driven by non-oil activities. Foreign direct investment flows have tripled, and over 550 international firms have set up regional headquarters in the Kingdom.
The Kingdom has offered various incentives for businesses to relocate their Middle East bases to Riyadh, including a 30-year exemption from corporate income tax and access to discounts and support services.
At the conference’s opening ceremony, Nivruti Rai, managing director and CEO of Invest India, praised Saudi Arabia’s diversification efforts, emphasizing the importance of technology, greenification, and tourism in Vision 2030.
James Zhan, chair and executive director of the World Investment Conference, highlighted the emergence of new markets, funding sources, business models, and industries, offering immense potential for global investment promotion.
Ismail Ersahin, executive director and CEO of WAIPA, stressed the significance of WIC in fostering collaboration and actionable outcomes, noting that the event serves as a crucial platform for exploring new investment paradigms.
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