‘Terrorism destabilizes economy’

The Council of Saudi Chambers (CSC) warned Sunday about the negative impact of extremism and terrorism on the socioeconomic stability of the Kingdom while giving full support to the government’s drive against terrorism.
In a statement released Sunday, the CSC said that extremism and terrorism pose a big threat to socioeconomic development as terrorism is a path to chaos, not stability, and an invitation to intolerance, not coexistence.
The council underlined the negative impact of terrorism on the economy and investment environment, citing evidence in many countries that have suffered on account of terrorism, which caused huge losses to their economy, especially in tourism, services and real estate, besides foreign investment.
The communiqué added that stability in any country is a prerequisite for development and a key to economic stability, as it attracts investment and boosts foreign investor’s confidence.
According to CSC, the government of Saudi Arabia gives full support to the senior scholars’ campaign against terrorism and extremism and the need to address it and prevent it with all available avenues by various sectors and groups.
In a solidarity move, the Saudi private sector, represented by CSC, said that CSC highly valued the efforts made by the security forces and different state institutions to curb extremism and financing terrorism through money laundering operations and economic fraud.
The council added that the Saudi private sector and its institutional branches are aware of the threat posed by terrorism to the economy and living conditions of the people. As such, the private sector needs to work hard in support of the state programs to achieve balanced development and improve the living conditions of citizens and provide them with a decent life.
At the same time, the council is working diligently through various programs to support the state’s efforts to nationalize jobs and provide job opportunities for both young men and women, the statement concluded.