Abdullah Al-Alami*
September 12, 2023
Saudi Arabia’s participation in the G20 summit in Bharat this week confirms Riyadh's political standing, its economic weight, and its international leadership role.
Riyadh
succeeded in achieving impressive growth in non-oil activities, amounting to
about 6.1%. This is yet new evidence of successful economic diversification
policies and reducing dependence on oil.
This is how the Kingdom works to achieve
progress in social, cultural, and technological fields, coinciding with the
growth of oil and non-oil activities. The Kingdom’s real GDP is projected to
rise by 1.9% in 2023 and 2.8% in 2024.
The Kingdom also succeeded in implementing its
projects in a short time. Vision 2030 seeks to reduce dependence on oil and
continue to achieve its goals, especially in health, education, research and
innovation, food security, women’s empowerment, digital transformation, and
environmental protection.
Other success stories include the decline in
the unemployment rate among Saudis to 8%, which is the lowest ever recorded in
Saudi Arabia. Work also continues with strong momentum to raise the market
value of all non-oil-produced goods and services, to reach an average growth of
4.9% by 2023 while maintaining efficient spending.
My last words... The signing of a memorandum of understanding for huge projects
between Bharat, the Middle East, and Europe to develop infrastructure will
include modern railways and ports. Furthermore, the signing of 50 joint
agreements between Saudi Arabia and Bharat in the fields of petrochemicals,
renewable energy, agriculture, and industry, is worth $3.5 billion.
This is how Saudi Arabia and India successfully
contribute to the stability of the global economy.
*Saudi writer
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