HRH Crown Prince: 2023 budget supports strategic spending ‎and investment initiatives, achieves goals of economic ‎transformation ‎

His Highness indicated that the budget for the year 2023 AD comes as a continuation of achieving the goals of the Kingdom’s Vision 2030, as it focuses on the stage of accelerating the achievement of results, as the government has succeeded in implementing many supportive initiatives and structural reforms to enable economic transformation and involve the private sector in the transformation journey, explaining His Highness That the strategies, programs, initiatives and procedures are reviewed and updated periodically to ensure their effectiveness, and to correct their course whenever the need arises.

His Highness stated that the government, in addition to spending in general, is implementing a number of major initiatives that will contribute to strengthening the role of the private sector and attracting foreign investments that will help achieve the aspirations and aspirations of the Kingdom’s Vision 2030, based on the strengths that God has bestowed upon this country. From a distinguished strategic location, a pioneering investment power, and an Arab and Islamic depth. His Highness referred to the launch of the national initiative for global supply chains, which establishes the Kingdom’s role as a main link, enhancing the efficiency of global supply chains that will contribute to overcoming challenges affecting the efficiency and growth of the global economy. His Highness affirmed that the Kingdom will continue during the next year and on In the medium and long term, it aims to increase the attractiveness of the Kingdom’s economy as a base for domestic and foreign investments, and to diversify the economy by developing promising sectors.

His Highness also indicated that the Kingdom’s Vision 2030 focuses on adopting huge reforms in various fields, and the presence of a vital and sustainable industrial sector that is able to compete and relies on exports enables it to achieve its goals. Therefore, the National Strategy for Industry was launched, which aims to develop the industrial business environment, Diversifying its base, enhancing the Kingdom’s international trade, strengthening the access of national exports to global markets, developing and promoting innovation and knowledge, and the strategy is expected to achieve a huge positive impact on the Kingdom’s economy, as it has identified more than 800 investment opportunities worth one trillion riyals, and is working on Doubling the value of industrial exports to reach 557 billion riyals, bringing the total value of additional investments in the sector to 1.3 trillion riyals, increasing exports of advanced technical products by about 6 times, in addition to creating tens of thousands of qualitative, high-value jobs.

His Highness reviewed the important role and efforts made by the Kingdom in striving towards its food security with its early approach, which met with success and superiority during geopolitical tensions and the accompanying consequences and pressures on food security in all countries of the world, as the food security strategy in the Kingdom was distinguished by its integration, which appeared clearly. In stabilizing the food situation internally during this period in which the world is witnessing a shortage in the flow of food supplies as a result of geopolitical conditions, the effects of climate change and the scarcity of water resources.

Concluding his statement, His Highness indicated that the government’s success in addressing the risks arising from geopolitical changes and limiting their economic and social impacts proves the strength of the Kingdom’s economy in facing emergency challenges. His Highness also affirmed the Kingdom’s pioneering role in stabilizing the energy markets in the context of striving to contribute to strengthening the stability and growth of the global and domestic economy.