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The Saudi Crown Prince, Prince Muhammad bin Salman bin Abdulaziz, has launched a private sector partnership strengthening program dedicated to local businesses, with the aim of developing the partnership between the government and the private sector, and accelerating the achievement of the strategic objectives of increasing the resilience of the economy and supporting prosperity and sustainable growth.
During his inauguration of the “partner” program at a hypothetical meeting chaired by a number of ministers, as well as business leaders and heads of large companies in the Kingdom, the crown prince stressed on Tuesday evening that the construction of a dynamic and prosperous private sector The sector is one of the national priorities of the Kingdom, because of the importance and the vital role that it represents. A key partner in the prosperity and development of the Kingdom’s economy, to continue to fulfill its support tasks, to achieve the national aspirations set by Vision 2030.
Prince Mohammed bin Salman said: “Although building a vibrant and prosperous private sector is one of the Kingdom’s national priorities, today we are ushering in a new and stronger era in terms of cooperation and partnership between the government and the private sector, by announcing the program to strengthen the partnership with the private sector (partner), with the aim of supporting local businesses, allowing them to reach a volume of local investments of up to five trillion of riyals by the end of 2030. “
He added: “The Kingdom will experience a surge in investments in the coming years, of three trillion riyals, pumped by the Public Investment Fund until 2030, as announced at the beginning of this year, in addition to four trillion riyals that will be pumped out under the auspices of the National Investment Strategy, and its details will be announced shortly. “Thus, the total investment that will be injected into the national economy will be 12 trillion riyals up to in 2030, and that does not include government spending estimated at 10 trillion. riyals over the next ten years, and private consumption spending is expected to reach 5 trillion riyals through 2030, bringing the total to 27 trillion riyals ($ 7 trillion) to be spent in the Kingdom of Saudi Arabia during the next ten years.
The Crown Prince explained that the investments that the private sector will pump, supported by a “partner” program, will create hundreds of thousands of new jobs and that the contribution of the private sector to the GDP will increase, in order to achieve the goal. set within the framework of the objectives of the Kingdom’s vision, which aims to increase the contribution of this sector to 65% by 2030.
He stressed: “The importance of the partnership program is not limited to strengthening the role of the private sector in the sustainable growth of the national economy, but we see it as a long-term investment in the future and the prosperity of the Kingdom, based on the participatory relationship between the public and private sectors. “
Partnership program
The new program, called “Shrek”, is part of tireless and continuous work to meet the economic goals of the Kingdom’s Vision 2030 and support the creation of hundreds of thousands of new jobs.
The innovative participatory program also aims to help private sector companies achieve their investment goals, accelerate the injection of investments worth around five trillion riyals into the local economy until 2030. , and accelerate the pace of the Kingdom’s GDP growth, thereby contributing to the continued progress of the Saudi economy among the largest international economies, from the current eighteenth position to the fifteenth, in addition to building confidence in the investment system in the Kingdom.
The program to strengthen the partnership with the private sector “partner” is designed to be an essential element of the economic growth plan and the national investment strategy in the Kingdom, the details of which will be announced at a later date, under the direct supervision of the Crown Prince, in addition to a committee that includes senior officials, ministers and heads of relevant agencies.
Enabling Tools
And he identified a set of enabling tools in several areas to support business activities, so that large companies can benefit to increase the volume of their local investments.
Benefiting from the program will be optional, with evaluation criteria clearly specifying eligible projects, as the program has a clear framework and guidelines for large companies in terms of qualifying to receive support, and large companies will work to develop. specialized investment plans with the ministries, which will provide the necessary support to speed up the process. Turn these plans into reality, and the program will be managed in accordance with relevant guidelines approved by the World Trade Organization and other relevant national and international regulations and policies.
The program will increase the flexibility and competitiveness of large Saudi companies regionally and globally, and stimulate and help them recover from the effects of the pandemic (Covid 19).
The launch of the program also soon strengthens the Kingdom’s position as a business-friendly country and its enabling environment, through proactive, innovative, smart and unique measures in the region.
The first memorandum of understanding between large companies and the “partner” program is expected to be signed in June.
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