Private sector integration advancing to meet Saudi Vision 2030 goals: finance minister

24/04/2025 04:05 AST

Saudi Arabia is stepping up efforts to strengthen its economy by deepening private sector partnerships and improving regulatory practices, the Kingdom's finance minister has said.

Speaking during a roundtable at the US Chamber of Commerce, held on April 23 in Washington alongside the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund, Mohammed Al-Jadaan said Saudi Arabia's Vision 2030 seeks to reshape and diversify the country's economy.

This year's Spring Meetings of the World Bank Group and the IMF take place against the backdrop of rising trade tensions sparked by US President Donald Trump's tariff announcement, raising concerns regarding global economic forecasts and the impact on various economies.

According to the Saudi Press Agency, Al-Jadaan "emphasized that one of the Kingdom's key priorities is establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision."

The drive to diversify the Saudi economy saw the Kingdom's gross fixed capital formation reach SR1.18 trillion ($313.68 billion) in 2024, reflecting a 5.3 percent annual increase. This growth was driven by a 7.6 percent rise in private sector investments, according to the Ministry of Investment.

The roundtable was attended by Saudi Arabia's Ambassador to the US Reema bint Bandar and following his participation in the meeting, Al-Jadaan said in a post on his X account: "We discussed ways to enhance the economic partnership between Saudi Arabia and the US, as well as the valuable investment opportunities under Saudi Vision 2030."

He added that he held talks with US Treasury Secretary Scott Bessent on strengthening bilateral and multilateral cooperation, focusing on supporting the efforts of the IMF and the World Bank.

In a separate post, the minister said: "I also met with Tobias Adrian, the IMF's financial counsellor and director of the monetary and capital markets department, as well as Pierre-Olivier Gourinchas, the IMF's economic counsellor and director of research. We discussed recent developments in global macroeconomic and financial policies."

In an additional post on X, Al-Jadaan said he held talks with Indermit Gill, the World Bank's senior vice president for development economics and chief economist, and Ousmane Dione, the bank's vice president for the Middle East and Africa region. Al-Jadaan added: "We discussed economic developments globally and regionally."

Al-Jadaan also met with the Syrian Minister of Finance Mohammed Barnieh and the Central Bank of Syria Governor Abdulkader Husrieh to discuss the latest economic developments in Syria and explore ways to strengthen bilateral cooperation.

A further meeting was held with Sweden's Minister of Finance Elisabeth Svantesson to discuss global economic developments and ways to enhance bilateral collaboration.

Arab News