RIYADH — Minister of Investment Eng. Khaled Al-Falih confirmed that the National Transformation Program (NTP) has contributed to doubling the number of Saudis in the labor market, while providing many qualitative jobs. Al-Falih made the remarks during the National Transformation Forum, which is being held in Riyadh. He added that one of the main goals of Saudi Arabia's Vision 2030 is to generate jobs, especially qualitative jobs, and the ones that are not used to government spending. He said that when NTP was launched, the rate of the unemployment was over 12%, and the number of Saudis working in the private sector was remarkably and worrisomely low, Al-Falih said. He noted, "Today, we are witnessing a great leap in the private sector's absorption of Saudis, not through programs that force them to employ, but rather, a desire because of increase in the productivity of Saudi citizens, both male and females." The participation rates of all Saudis in the labor market have increased, as the number of Saudi workers in the private sector has reached 2 million and 200,000, which is almost double what it was at the time of the announcement of the Kingdom's Vision 2030, Al-Falih confirmed, adding that this curve is constantly on the rise. Regarding investment in Saudi Arabia, Al-Falih said that the Kingdom, with the continuation of various agencies and with great coordination from NTP, will be among the top 5 or at least 10 economies in terms of its attractiveness to investment. "We will achieve integration and mixing between leading Saudi companies, with a great potential role for the investment fund and foreign direct investment." he said. He added that the Saudi financial market would be one of the largest global financial markets, with international banks that enable investment, and global digital technology and asset management companies, and that in order to achieve interdependence with the global economy. Al-Falih pointed out that the national transformation has great role in empowering the investment sector, as it has also contributed in building different productive capabilities. He stressed that this is achieved through activating the role of the private sector as a leader and enabler of the economy, in harmony with the Public Investment Fund, the National Development Fund, the Shareek program, in addition to the foreign direct investment. Strategic partnerships attract qualitative foreign investments, he said, adding that the investment is the main engine and enabler for the continuation of economic diversification, in addition to keeping pace with the major structural changes in the world. "And this is being achieved in Saudi Arabia." Al-Falih added that there are industries that are growing largely in innovation and entrepreneurship, as Saudi Arabia has a scientific research strategy for economic, tourism, cultural and technical linkages.
