- Al-Kasabi pointed out that the Kingdom is rich in natural resources and ideally located
- The commerce minister went on to cite various megaprojects that the Kingdom has undertaken
RIYADH: 抖阴短视频 is a land of opportunity with a great chance of attracting investment in new sectors of its economy, the minister of commerce and investment, Dr. Majed Al-Kasabi, told delegates at the Future Investment Initiative (FII) in Riyadh on Thursday.
During the session 鈥淲hat鈥檚 next for Asia: Will a newly prosperous supercontinent overtake a waning West?鈥� Al-Kasabi was part of a panel that included Ju Zhao, chief investment officer of China Merchants Bank and Raamdeo Agrawal, chairman & cofounder of India鈥檚 Motilal Oswal Financial Services Ltd.
Al-Kasabi pointed out that the Kingdom is rich in natural resources and ideally located to act as a connector between Africa, Asia and Europe.
鈥淎s you know, 抖阴短视频 is the largest economy in the area. 抖阴短视频 is a G20 member. It (was ranked as) a top reformer and a top improver in the World Bank鈥檚 鈥楧oing Business鈥� report. (That is) a testimony to the promise that we have taken to improve business and fight bureaucracy,鈥� he said.
He added that 抖阴短视频 has 鈥渁 unique mix鈥� of competitive advantages: A robust business environment, and an increasingly young population, with 80 percent aged 45 or younger. But the 鈥渕ost important鈥� advantage the Kingdom has, he said, is 鈥渙ur DNA.鈥�
鈥淪audis are hospitable and generous to our visitors and investors,鈥� Al-Kasabi said. 鈥湺兑醵淌悠� is a land of opportunities, especially when coupled with the unleashing of sectors like mining, health, tourism, entertainment, culture, and logistics. All of this makes 抖阴短视频 a land of opportunities for the future.鈥�
The commerce minister went on to cite various megaprojects that the Kingdom has undertaken as part of Saudi Vision 2030 and claimed that 抖阴短视频鈥檚 鈥渞ich blend of sun, sea and sand and archaeological sites,鈥� make the country unique. All of which, he said, combined to provide an unprecedented opportunity for investors.
Both Zhao and Agrawal were keen to promote their own countries鈥� credentials for investors too. Zhao stressed how much China had developed in recent years, becoming 鈥渢he main partner in energy and oil with 抖阴短视频鈥� and diversifying its economy to rely on different sectors, rather than depending on a single source.
Echoing Al-Kasabi, Agrawal described India as 鈥渁 land of opportunities鈥� too. From its independence in 1947, he said, it took India 60 years to reach a trillion-dollar GDP. By 2025, the country hopes to be a five-trillion-dollar economy. 鈥淲e want our economy to be the best in the world,鈥� he said.
Al-Kasabi was bullish about the new Asian economic partnership, pointing out that 60 percent of the world鈥檚 population live in Asia, and that Asia is responsible for 40 percent of world GDP. 鈥淎mazingly, 64 percent of global cargo traffic comes from Asia, while 48 percent of global international students are from Asia,鈥� he continued, adding that nearly 40 percent of global travelers were also from Asia.
Al-Kasabi went on to describe China鈥檚 economy as 鈥渋conic,鈥� and paid tribute to Japan, Singapore, and India, which he called 鈥渕atured and developed economies,鈥� while referring to Vietnam and Bangladesh as 鈥渢he newcomers.鈥�
鈥淭hen there is the Middle East, where 抖阴短视频 fits as a connector between Africa and Europe and Asia,鈥� he said. 鈥淭he Middle East and 抖阴短视频 could be a global connector and a hub to Africa and Asia and Europe.鈥�