October 09, 2020 - من خلال المشرف
launched a program to strengthen partnership with the private sector
The Saudi Crown Prince, Prince Muhammad bin Salman bin Abdulaziz, launched a program to strengthen partnership with the private sector dedicated to local companies, with the aim of developing the partnership between the government and private sectors, and accelerating the achievement of the strategic goals of increasing economic resilience and supporting prosperity and sustainable growth.
During his inauguration of the "partner" program during a hypothetical meeting chaired by the presence of a number of ministers, as well as business leaders and heads of major companies in the Kingdom on Tuesday evening, the Crown Prince affirmed that building a vibrant and prosperous private sector is one of the Kingdom's national priorities, given the importance and vital role it represents. As major partner in the prosperity and development of the Kingdom's economy, to continue to perform its supportive tasks, to achieve the national aspirations set by Vision 2030.
Prince Mohammed bin Salman said: “While building a vibrant and prosperous private sector is one of the national priorities for the Kingdom, we are today inaugurating a new and stronger era in terms of cooperation and partnership between the government and private sectors, by announcing the program to strengthen the partnership with the private sector (partner), with the aim of supporting Local companies, enabling them to reach a volume of local investments of up to five trillion riyals by the end of 2030. "
He added: "The Kingdom will witness a leap in investments in the coming years, by three trillion riyals, pumped by the Public Investment Fund until 2030, as announced at the beginning of this year, in addition to four trillion riyals that will be pumped under the umbrella of the National Investment Strategy, and its details will be announced soon." Thus, the total investment that will be pumped into the national economy will be 12 trillion riyals until 2030, and this does not include government spending estimated at 10 trillion riyals over the next ten years, and private consumption spending expected to reach 5 trillion riyals until 2030, bringing the total to 27 trillion riyals (7 trillion dollars) will be spent in the Kingdom of Saudi Arabia over the next ten years.
The Crown Prince explained that the investments that the private sector will pump, supported by a "partner" program, will provide hundreds of thousands of new jobs, and the contribution of the private sector to the GDP will increase, in order to achieve the goal set for it within the goals of the Kingdom's vision, which seeks to raise the contribution of this sector to 65% by 2030.
He pointed out, "The importance of the partner program is not limited to enhancing the role of the private sector in the sustainable growth of the national economy, but we see it as a long-term investment in the future and prosperity of the Kingdom, based on the participatory relationship between the public and private sectors."