Al-Falih pointed out to the serious step taken by the Kingdom in this context, related to the establishment of industrial cities and multi-activity special economic zones, as long as the local and foreign investor aspires to them, and he will be able to invest in them according to the rules and laws.
He explained during his participation today (Saturday) within the G20 leaders summit program, which continues its work in the capital, Riyadh, that the attractive and targeted sectors to be within these cities to be established in a number of regions of the Kingdom, taking into account the creation of an appropriate and healthy investment environment to work in, is tourism , Culture, Sports, Industry, Artificial Intelligence, Technology, and Health.
Al-Falih pointed out that the Kingdom has proven its ability to withstand shocks, as it has not been greatly affected by the decline in oil prices, revealing the volume of foreign reserves in the Kingdom, as it reached half a trillion dollars this year, stressing that the Kingdom’s economic reform project has continued even during this crisis, but rather exceeded that. To support the role of international organizations that had great efforts in facing the Corona pandemic, and from this standpoint the Kingdom has been supporting the efforts of these organizations to perform better work and on a wider scale than the current one.
During his participation, Al-Falih stated that the 2030 vision to diversify the sources of the economy away from oil has become more popular today than ever before, stressing that the G20 is looking to save the world from the effects of Corona, and that 2020 is exceptional for the Kingdom due to the epidemic, and Saudi Arabia will emerge from the pandemic with a strong economy. And a solid private sector.
The Minister of Investment stressed that the Kingdom is working to accelerate the arrival of Corona vaccines, and that it has dealt with the pandemic successfully, stating that the Kingdom will be one of the most important winners after the end of the Corona crisis.
He revealed that the Saudi economy is one of the most resilient economies in the world, and that the Kingdom has not been affected by the decline in oil prices, and said: The Kingdom has proven its ability to withstand shocks by a solid government system, and has worked to protect the private sector through financial packages, and we are working on reforms in the labor sectors.
Al-Falih indicated that the world is experiencing a humanitarian crisis with an uncharacteristic economic slowdown, and international problems require concerted efforts in harmony and cooperation, and that the safety of peoples is an important and main issue for the “G20”, and the “G20” summit will reveal to all the economic capabilities exerted.
He said: The G20 has taken the initiative to suspend 40% of the debts of countries that suffer from the effects of Corona, and are working to finance and support small enterprises, and the G20 will see the world how dealing with the future, and is working on developing mechanisms to get out of the effects of Corona, and the crisis is not over yet and work is being done to solve it .
He stressed that the Kingdom believes in the importance of renewable energy in the world, and that the world still needs energy sources, and “G20” is working on solving economic and social crises in the world, and derives its strength from the individual capabilities of member states.