The plan calls for expanding gross fixed capital formation (GFCF), an indicator of economic activity, to approximately $440 billion (approximately 68 trillion yen) by 2030.
For this reason, foreign companies wishing to enter the country are encouraged to participate in the development program, and direct investment, as well as indirect investment, is encouraged.
Currently, many global startups receive indirect support through the government-run startup development program after receiving approval from the Saudi Investment Department.
Majed Al-Eid, director of the Saudi Arabian Investment Department, said at the Saudi Arabian Market Entry Strategy Seminar held at the Dream Plus Gangnam Center in Seoul on the 19th.
" At the 2016 summit, Al-Eid shared the progress of the national development strategy "Vision 2030" and the plan to achieve the goals. "Looking at the trend from 2016 to the present, the goal can be easily achieved," he said.
"For example, we have made progress in key indicators, but we had planned to increase the female labor participation rate to 30% by 2030, but we have already exceeded that target at the end of 2022.
The Saudi Arabian Investment Department said it has already achieved its goal of receiving 100 million tourists a year, increasing the number to 150 million.
The agency is tasked with identifying and supporting new investment opportunities in 22 fields, including tourism, sports, and entertainment. Al-Eid specializes in the tourism sector.
This is one of the areas that the Saudi Arabian government has been 90% driven to develop over the past few years, attracting investors. Over the remaining six years until 2030, it is planned to gradually switch to private sector leadership.
"As a regulator, the government only handles projects such as facilities, education and logistics that are financially burdensome or complicated for private companies," Aid said. "Business opportunities and investments are
"We are empowering the private sector to take the lead," he said. The Saudi Arabian Investment Office is primarily tasked with creating and supporting an investment environment to help realize the government's Vision 2030 policy.
This is being done through the Saudi Arabian Investment Department's National Investment Strategy. Al-Eid said, "We are focusing on four key areas, firstly, public and private partnerships.
"It will also help them to diversify their financial resources rather than relying on simple bank receivables to remove barriers that may arise when raising capital," he said.
"We will consider providing support to Korean startups," he said. Al-Eid said that obtaining a license is a must for Korean startups to enter Saudi Arabia.
If they obtain the grant, they will be able to receive subsidies for office rentals, human resources subsidies, and subsidies for start-up companies to support company operations.
"We can provide support in various ways, including through a partnership with Seki," he added.
2024/04/20 07:07 KST
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