Reforms Boost World Confidence
Plans to diversify the Kingdom's economy away from oil, and economic reform programs have contributed to raising levels of confidence in the Saudi economy, as the Kingdom's Vision 2030 has received great support and interaction at all local levels, and the processes of achieving its goals are still being pursued by the participating agencies. This is confirmed by the figures announced on the steady improvement in the performance of the Saudi economy, the effective impact of the economic reform measures, the restructuring of the economy and the diversification of income sources.
That is why the Saudi Council of Ministers welcomed the cooperation announced by the General Investment Authority through its partnership with the United Nations Conference on Trade and Development "UNCTAD" to hold the World Foreign Direct Investment Summit in Riyadh. The Council praised the Summit's great successes over two years running, and confidence in the Saudi economy, which resulted in the entry of more than 1130 foreign companies in 2019, 45% more than 2018.
The Kingdom’s success in attracting this number of foreign companies and investments, and reporting this by international institutions accordingly, is a natural result of its efforts to completely reform its economic model, and double its economic position. It confirms the effectiveness of development plans, in addition to the Kingdom’s efforts to eliminate financial and administrative corruption and consolidate the principles of transparency, justice and economic reform. This is what made Transparency International (TI) in its report a few days ago, announce that the Kingdom has made progress by jumping seven global places upwards in the Corruption Perceptions Index (CPI) ranking for 2019, as it ranked 51 globally, out of 180, and advanced in its position among the G20 states to rank tenth.
The Kingdom has been working on implementing a comprehensive economic reform program, based on raising the level of transparency and efficiency of government spending and promoting rates of growth and development, as well as launching several initiatives aimed at stimulating the economy, enabling the business sector in development, promoting local content, privatizing many sectors and stimulating the private sector, which made it a destination for international investments. The Kingdom is still making a myriad of successes in implementing the reform programs, and ensuring that these programs get into the right path, which will eventually achieve the sustainable goals of the Saudi economy.