National investment strategy essential to achieving Vision 2030, according to King Salman

RIYAD: The National Investment Strategy, launched by Crown Prince Mohammed bin Salman last October, is one of the most important pillars for achieving Vision 2030, according to King Salman bin Abdulaziz.

In his Shura Council speech on Wednesday, the monarch said the strategy would result in the pumping of investments worth up to SR12 trillion ($ 3.19 trillion) through projects. and initiatives.

In particular, the Shareek program – which aims to strengthen the Kingdom’s private sector – is expected to inject SR 5,000 billion, he said.

The strategy will contribute to the development of the economy and the diversification of its sources, in addition to developing infrastructure, improving the quality of life and offering new employment opportunities, he added.

The financial sustainability policies reflected positively on the gradual recovery of the local economy, and new investments in the Kingdom continued to grow steadily, which was manifested in the performance of activities until the end of the third quarter. of this year 2021, King Salman mentioned.

He added that financial surpluses in the general state budget are expected in 2022 and public debt as a percentage of GDP is expected to drop to 25.9%, from 29.2% in 2021.

As for the privatization programs implemented since 2018, they will increase and accelerate the quality of services, generate investment opportunities and improve the sustainability and competitiveness of the Kingdom’s economy, a- he declared.

On the Public Investment Fund front, the king said he aims to invest SR3 trillion in the national economy by 2030, which will bring the volume of public spending up to that date to 27. Trillion SR – the highest volume of spending recorded by the Kingdom in its history. .

This will achieve the goals of economic and social development, keep pace with the Kingdom’s vision and place its economy among the 15 largest economies in the world, he explained.

King Salman praised the financial sustainability policies implemented by the state, which positively reflected the gradual recovery of the Saudi economy, as investments continued to grow steadily, which was evident in the performance of the third quarter 2021, with expectations of financial surpluses. in the 2022 budget.

He also highlighted the Kingdom’s success in dealing with the repercussions of the coronavirus pandemic, which resulted in the influx of Haj and Umrah pilgrims, as 17.5 million Muslims were only able to perform Umrah during the month of Ramadan.

The national transport and logistics strategy launched by the crown prince affirms to move forward with economic development and reform, to work for the development of this important sector and to unleash its potential under the initiatives of the vision, said the King.

The strategy will work on the diversification of the local economy and the consolidation of the link with the global economy and the development of local content, up to 33% of the costs of the sector, to support sustainable development, he added. .

The King also praised the milestones in the education sector as he has supported the pandemic through the use of both online learning and in-person participation. This was made possible by the development of digital infrastructure, which enabled the transfer of large data.

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