RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a new initiative designed to position Saudi Arabia as a global supply chain hub, the Saudi Press Agency reported.
The “Global Supply Chain Resilience Initiative” is a strategy of continuous enhancement of the investment environment coupled with attractive opportunities and a unique incentives budget, including SR10 billion ($2.66 billion) in financial and non-financial inducements.
In its launch phase it aims to attract SR40 billion worth of industrial and service investments in global supply chains to the Kingdom.
The GSCRI falls under Saudi Arabia’s National Investment Strategy, which was launched in October last year. Its primary goal is to make the Kingdom a prime investment environment for supply chain investors.
HIGHLIGHTS
The GSCRI falls under Saudi Arabia’s National Investment Strategy, which was launched in October last year.
Its primary goal is to make the Kingdom a prime investment environment for supply chain investors.
The GSCRI complements Saudi Vision 2030’s goal of achieving economic growth and diversity.
In order to do this, the initiative will seek to pinpoint and develop investment opportunities and present them to potential investors. It will also establish special economic zones in a bid to attract international firms to base their regional headquarters in the Kingdom.
As well as building strong relationships with local and international markets, the GSCRI will allow investors to make best use of the Kingdom’s reserves of natural resources as well as its untapped potential.
The initiative is in line with the Saudi Vision 2030 objectives to top the list of 15 global economies by 2030, leaving a thriving legacy for generations to come.
The GSCRI also complements Saudi Vision 2030’s goal of achieving economic growth and diversity.
The crown prince recently launched the National Industrial Strategy, which aims to drive industrial growth and increase the number of factories to about 36,000 by 2035.
The strategy also aims to achieve an industrial economy that attracts investment and contributes to economic diversification, and develops domestic products and non-oil exports in line with the objectives of Saudi Vision 2030.
“We have all the capabilities to reach a competitive and sustainable industrial economy, including ambitious young talents, a distinguished geographical location, rich natural resources and leading national industrial companies,” the crown prince said.
