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Saudi Crown Prince announces initiative to establish Saudi Arabia as a global supply chain hub
The project will attempt to identify and develop investment possibilities and promote them to potential investors
With Saudi Vision 2030, the Kingdom aspires to be at the top of the list of the world’s 15 economies by 2030, leaving a vibrant legacy for future generations.
Saudi Crown Prince Mohammed bin Salman has revealed a new program to establish Saudi Arabia as a global supply chain hub, as per the Kingdom’s objectives.
The “Global Supply Chain Resilience Initiative” is a plan to constantly improve the investment climate with alluring prospects and a special incentive budget, which includes $2.66 billion in financial and non-financial inducements, the Saudi Press Agency reported.
The GSCRI is covered under the National Investment Strategy of Saudi Arabia, which was introduced in October, last year. During its initial phase, it hopes to bring the Kingdom’s investments totaling $11 billion in manufacturing and services for international supply chains.
The project will attempt to identify and develop investment possibilities and promote them to potential investors to make the Kingdom a prime investment environment for supply chain investors. Additionally, it will create special economic zones to entice foreign corporations to locate their regional headquarters in the Kingdom.
The GSCRI will enable investors to make the most of the Kingdom’s natural resource assets and untapped potential, in addition to forging strong ties with regional and global markets.
Meanwhile, the Crown Prince also unveiled the National Industrial Strategy, which intends to spur industrial growth and raise the number of factories to approximately 36,000 by 2035.
The strategy for Saudi Vision 2030 also intends to establish a manufacturing sector that draws foreign investment, promotes economic diversification, and expands local non-oil exports.