FII 5th Anniversary discusses Evolving Role of Businesses and Government

Riyadh, Rabi I 20, 1443-Oct 26, 2021, SPA-- HE Minister of Investment Eng. Khalid Al-Falih emphasized that the Kingdom has proven its flexibility in dealing with the pandemic of COVID-19 as it focused on the human being health and safety, and the achievement of a delicate balance between life and subsistence. Given that the Kingdom is the heart of the Islamic world, Al-Falih clarified that it imposed the adequate health measures at Al Masjid an-Nabawi and the Holy Mosque before issuing the COVID-19 standards and rules by the World Health Organization (WHO).

This was during his speech in a session titled “New Social Contract: the Evolving Role of Business and Government” during the events of the Future Investment Initiative (FII) 5th Anniversary. This session witnessed the participation of the UK Minister of Investment HE Gerry Grimstone, Mongolian Prime Minister Bolor-Erdene Battsengel, and the founder and president of Edmond de Rothschild L.L.C Laynn Forester de Rothschild.

Al-Falih tackled the level of confidence between the Saudi society and its government, the impact of this confidence on COVID-19 pandemic, and the lessons learned from it through the establishment of various long-term plans. He clarified that the pandemic shocked the whole world especially in the field of industry, and that it extremely affected all areas of life.

Al Fatih also affirmed that the Kingdom has witnessed the lowest rates of infections and deaths because of the pandemic, and there has been no shortfall in both goods and supplies. He also stated that the Kingdom endeavored to expedite the provision of vaccines, clarifying that the Kingdom’s agenda is consistent with the private and population sectors through adequately supporting the private sector and developing an investment strategy for all sectors, given that the investment is the way to achieve the Kingdom 2030 Vision.

The Minister clarified that the Kingdom is working on qualifying talents to occupy the new jobs, and its main priorities are education, youth, and the diversification of the non-oil sources of income. He also discussed the challenges of the rise in energy prices as procedures have been to taken to fill the demand gap in the oil and energy market, calling for the reduction in the use of carbon as part of the economy.

The speakers stressed the importance of reducing the use of carbon through using the wind in supporting the energy supply operation to diversify the industrial sources, enable

women in jobs, and achieve balance in the global markets through the partnership between the private and government sectors.