Arab News, Wednesday, Dec 23, 2020 | Jamadi Al Awwal 8, 1442
Saudi Arabia’s location, resources give special economic zones competitive edge: minister
Saudi Arabia: Saudi Minister of Commerce Majid Al-Qasabi, said
that promoting the special economic zones is an integral part of the economic
transformation plan within Vision 2030, especially as the Kingdom's prime
location as a link between three continents, besides its abundance of natural
and human resources, give these zones a competitive edge.
The Kingdom is currently planning for the establishment of special economic
zones for major competitive industries and services, using a multi-sector
approach that combines between the relevant government agencies, local
authorities and investors at the local and international levels, said Al-Qasabi,
in an interview cited in the "Investment Brief for Q3 2020" report.
The lessons learnt from around the world showed that effective special economic
zones represent powerful factors in supporting economic development, as they
provide the infrastructure required to attract foreign direct investment, said
the minister.
He further indicated that the special economic zones would spur the drive
towards specialization and the transfer of expertise between groups. They will
also represent launching platforms for exports, and enable the government to
test the policies and regulatory reforms prior to expanding their scope to the
main economy.
During the 2021 Budget Forum held earlier this month, Minister of Investment
Khalid Al-Falih said that the free economic zones planned to be launched in
Saudi Arabia are under final review by the government, according to Argaam's
available data.