Saudi Gazette report

RIYADH — Foreign direct investment in Saudi Arabia will increase 20 times by 2030 compared to current levels, according to Minister of Investment Khalid Al-Falih.

Speaking on the sidelines of the Saudi-Thai Investment Forum in Riyadh organized by the Ministry of Investment, Al-Falih said investment opportunities for the private sector in the Kingdom will exceed about SR3.2 trillion by the end of the decade.

Saudi Arabia has worked to develop the business environment under the shadow of the Kingdom's Vision 2030 through huge reforms, Al-Falih said, noting that the reform measures have exceeded 500 in number.

Al-Falih said the reforms that were implemented included the enactment of regulations and legislation in line with international best practices.

The National Investment Strategy (NIS) will increase the investment volumes by three times more till 2030, he said.

Al-Falih stressed that by 2030, the Kingdom seeks to become one of the 15 largest economies in the world.

During the Saudi-Thai Investment Forum, seven memoranda of understanding (MoU) were signed between the two countries, through which the two kingdoms seek to enhance bilateral trade and investment.

The forum comes within the efforts to develop relations and opportunities between Saudi Arabia and Thailand in all fields, including petrochemicals, oil, gas, tourism, hospitality and many others.

The forum has witnessed the participation of a large presence of Saudi and Thai investors and companies.