We Are Moving Towards Better Future That Befits Kingdom's Status:HRH Crown Prince:

RIYADH, (APP - UrduPoint / Pakistan Point News - 22nd Dec, 2023) On the occasion of the approval of the 2024 budget, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs, hailed the Kingdom's achievements since the launch of the Kingdom's Vision 2030.

HRH the Crown Prince commended the Saudi government for its ongoing endeavours to implement structural reforms in the financial and economic sectors, as well as to accelerate the rate of sustainable economic growth in accordance with the Kingdom's Vision 2030 and its vast development capabilities and opportunities to move forward towards a better future that befits its status in accordance with the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, which had a clear and prominent impact on the growth of the gross domestic product of non-oil activities.

HRH the Crown Prince affirmed the government's commitment in the budget for the fiscal year 2024 to enhancing economic growth through the expansion of government spending, pointing out that the figures of the budget announced by the Custodian of the Two Holy Mosques support and enable several programs and initiatives including investments to strengthen infrastructure, raise the quality of services provided to citizens, residents and visitors, in addition to developing promising economic sectors, enhancing investment attraction, stimulating industries, and raising the proportion of local content and non-oil Saudi exports, praising the effective and vital role of the Public Investment Fund (PIF) and the National Development Fund.

HRH the Crown Prince also stressed the continuation of work to develop the Kingdom's public financial performance by increasing financial capacity and building government reserves in a way that enhances the capacity of the Kingdom's economy, maintains sustainable levels of public debt, and enables it to address any developments or crises that may arise in the future.

HRH the Crown Prince said that the increase in spending is mainly due to the government's keenness to continue developing the level of public services provided to citizens, residents and visitors, implementing several projects and expanding spending on sectoral and regional development strategies that would achieve positive structural changes that lead to expanding and diversifying the economic base.

HRH the Crown Prince emphasized the imperative of fostering and strengthening partnerships with the private sector to facilitate and encourage its participation in driving economic diversification. This initiative aims to bolster the labor market by accommodating a larger Saudi workforce, creating employment opportunities, and reducing unemployment rates, considering the recent increase to 2.3 million Saudis in the labor force.

HRH the Crown Prince highlighted the significance of cultivating an enhanced investment environment to attract both domestic and foreign investors, promote non-oil exports, and improve the non-oil trade balance.

Furthermore, HRH the Crown Prince highlighted the ongoing journey toward economic diversification, particularly in supporting promising sectors.

The Kingdom aims to elevate tourism targets to 150 million visitors, domestically and internationally, by 2030. Additionally, efforts are directed towards fortifying the sports sector through the Sports Clubs Investment and Privatization Project to align with the objectives outlined in the Saudi Vision 2030, leveraging the accelerated growth and diverse opportunities in these sectors.

Addressing the pivotal role of the industrial sector in the Saudi economy, HRH the Crown Prince underscored plans to diversify the industrial base and value chains. This strategy, encapsulated in the National Industrial Strategy focusing on 12 subsectors, aims to nearly triple industrial domestic production to SAR 895 billion by 2030 compared to 2020 figures. The objective is to significantly contribute to the expansion of non-oil exports.