Saudi Arabia Showcases FDI Statistical Advancements at World Investment Forum 2023
Dr. Saad Alshahrani, the Deputy Minister for Economic Affairs and Investment Studies, highlighted the Kingdom’s strides in addressing investment data gaps at the World Investment Forum 2023. He emphasized the potential for developing countries, especially Least Developed Countries (LDCs), to leverage Foreign Direct Investment (FDI) for sustainable growth by improving data compilation and aligning investment data with global goals.
Aligning with Vision 2030 and National Investment Strategy
Saudi Arabia is adopting international standards to enhance transparency and governance in its investment ecosystem. This came under the umbrella of Vision 2030 and the National Investment Strategy. The collaborative effort among the Ministry of Investment of Saudi Arabia (MISA), the General Authority for Statistics (GASTAT), and the Saudi Central Bank (SAMA), alongside the International Monetary Fund (IMF), has significantly improved the transparency and quality of FDI statistics in the Kingdom over the last two years.
Enhanced Methodology for FDI Statistics
The updated methodology, backed by the IMF, enriching Saudi Arabia’s FDI data with over 20 new indicators. These insights cover areas like investor nations in KSA, administrative zones, financial tools, and economic sectors. This move mirrors Saudi Arabia’s growing investment narrative as it broadens its economic base beyond oil, adhering to Vision 2030 and the National Investment Strategy.
Anticipated Impact and Future Endeavors
The revised FDI statistics, expected to be finalized and published by year-end, are crucial for measuring, monitoring, and fostering the local economy’s growth. Updating the FDI statistics is a pivotal step towards enhancing the Kingdom’s investment ecosystem. It targets increasing FDI inflows to 5.7% of GDP by 2030. Saudi Arabia continues to foster international collaborations, sharing experiences to build a more transparent, accountable, and sustainable world investment landscape. This was echoed by Dr. Alshahrani at the World Investment Forum 2023.
Related Topics:
Alkhorayef: KSA Seeks to Attract 1 Trillion Riyals of Industrial Investments
PIF Establishes TASARU for Mobility Investments
Modon Signs Investment Contracts Worth Over SAR500 Million
