28th World Investment Conference kicks off in Riyadh, bringing together global investment leaders for sustainable growth
Opening sessions address key topics such as digital transformation, sustainability and Saudi Arabia's leading role in global investment opportunities
Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA) officially launched the 28th World Investment Conference (WIC) in Riyadh today. With the main theme “Harnessing Digital Transformation and Sustainable Growth: Expanding Investment Opportunities,” the first day saw the participation of more than 2.000 delegates from 130 countries, including 30 ministers, to explore key strategies to overcome global investment challenges and identify opportunities for the future.
His Excellency Khalid A. Al-Falih, Saudi Minister of Investment, opened the event by highlighting the profound transformation that Saudi Arabia is undergoing thanks to Vision 2030 and its emergence as a global investment hub. In his speech, he highlighted key global trends that are redefining investment, including the expansion of green and blue economies, the impact of new technologies, the reorganization of global supply chains, and demographic changes.
Highlighting Saudi Arabia’s development, His Excellency Khalid A. Al-Falih said: “Our GDP has grown by 70 percent since the launch of Vision 2030, reaching $1,1 trillion, with half of this growth attributable to non-oil activities. Foreign direct investment flows have tripled compared to pre-Vision levels, and the number of registered international investors has increased tenfold.”
Nivruti Rai, MD & CEO, Invest India and Chairperson, WAIPA, also highlighted the importance of global collaboration to reshape the economy and drive sustainable growth.
The first day's discussions addressed the growing role of emerging economies, strategies to stimulate global trade and investment, and key issues such as: the contribution of foreign direct investment to economic transformation; the alignment of industrial policies and investment growth; and innovations in the fight against climate change.
In a session dedicated to emerging economies, His Excellency Faisal F. Alibrahim, Minister of Economy and Planning of Saudi Arabia, discussed with ministers from Egypt and Tunisia how emerging countries, such as Saudi Arabia, are redefining the role of investment promotion agencies to address geopolitical challenges and sustainability goals.
His Excellency Alibrahim said, “Saudi Arabia is the global growth platform today, actually the growth platform if you look at how the global economy is developing. And we have been fortunate enough to demonstrate the power of diversification in recent years.”
Among the events of the first day, a masterclass organized by the World Bank explored “Investor Services 2.0”, analyzing the use ofartificial intelligence and virtual visits to attract investors. Additionally, matchmaking sessions connected SMEs and government representatives with global investors.
HE Khalid A. Al-Falih, Saudi Minister of Investment, also raised the topic of supply chain resilience ahead of the Global Supply Chain Resilience Event (GSCRI) to be held tomorrow on the sidelines of WIC. In his opening remarks, he said: “A significant trend is the continued reshaping of global supply chains, with decentralization fostering the creation of new hubs in emerging regions, providing opportunities for investment in infrastructure and manufacturing capacity. We have noted that, in an effort to improve the stability and resilience of supply chains, new economic clusters are forming based on resources, energy and demographics.”
Minister Al-Falih will deliver the opening speech at the GSCRI Global Supply Chain Resilience event tomorrow together with HE Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia.
The second day of the conference will be dedicated to technological innovation, industrial transformation and sustainable partnerships.
On the World Investment Conference (WIC): https://waipa.org/wic-info/
*Source: AETOSWire
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