Top experts take part in competitiveness forum in Saudi
RIYADH, January 26, 2016
Government dignitaries, business experts and leading academics from Saudi Arabia and abroad are taking part in the ninth annual Global Competitiveness Forum, which will conclude today (January 26) in Riyadh, Saudi Arabia.
In his opening remarks, Abdullatif Al-Othman, the governor and chairman of the Saudi Arabia General Investment Authority (Sagia), said this year's forum came at a crucial juncture for Saudi Arabia, which has announced plans to accelerate economic reforms in order to diversify its economy, and reduce its reliance on oil revenue.
"Although the region has experienced turmoil in recent times, the Kingdom continues to be an oasis of stability while continuing to accelerate developmental progress," said Al-Othman.
"A wide range of decisions have been made to adopt progressive policies and implement procedures aimed at achieving wide structural economic reform," he said.
According to the governor, these include the establishment of the Council of Economic and Development Affairs, which is tasked with overseeing all economic issues; the reorganisation of the housing sector; the introduction of fees on undeveloped lands; and strengthening of the role of the private sector.
Further initiatives being implemented in early 2016 include partial privatization of some state assets, removing bureaucratic obstacles to foreign direct investment (FDI), and improving accountability and transparency in the public sector.
However, Saudi Arabia is in a comparatively positive position to profit from the initiatives being made, said Al-Othman.
At $653 billion, the Saudi GDP is the largest in the Middle East; it is the fourth fastest-growing in the G-20, and public debt of just 5.8 per cent of GDP compares favourably with the three fastest growing G-20 economies (China, India and Indonesia) which average 34 per cent of GDP.
Furthermore, the kingdom's income from non-oil revenues has increased 29 per cent over the course of last year.
The forum discussed economic competitiveness focusing on the sectors that can best deliver economic diversification, with the participation of business luminaries including Indra Nooyi, the CEO of PepsiCo; business magnate Vicente Fox, the former president of Mexico; and Marillyn Hewson, chair of Lockheed Martin. - TradeArabia News Service
