Wednesday, 29 May 2024

Council of Economic and Development Affairs Holds Virtual Meeting to Discuss a Slew of Economic Issues

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The Council of Economic and Development Affairs has held a video conference to discuss reports, presentations and topics on its agenda, including the periodic presentation submitted by the Ministry of Economy and Planning on local and global economic developments.

The presentation included an analysis of key indicators of the national economy and the growth rate witnessed recently. It commended the continuous growth of non-oil activities.

It also praised the high growth rates of the Purchasing Managers’ Index (PMI) in the non-oil private sector for the third year in a row, which reached the highest performance level among the G20 countries.

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It also included predictions of national economic growth, a comprehensive overview of developments of the global economy in the recent past, and an analysis of international key economic indicators.

The council discussed efforts made to develop and diversify the national production of goods and services that have a competitive advantage for the Kingdom, in line with the Saudi Vision 2030 goals to build a thriving economy that improves the country’s standing globally.

The presentation addressed priority economic activities that have attractive advantages for the development of the industrial sector, such as metal works, the automobile industry, computer and electronic products, and activities in service sectors such as tourism, transportation and logistics, communications and information technology.

The presentation also touched on opportunities to develop and diversify national goods and services, and raise the level of competitiveness of national production in partnership with the private sector, investors and state-owned companies in a way that supports the growth of non-oil exports and boosts integration in local, regional and international value chains, as well as contributes to increasing local content, improves the Kingdom’s non-oil trade balance, and achieves economic sustainability.

The council tackled the Office of the Strategic Committee of the Council of Economic and Development Affairs’ quarterly report on the programs to achieve Vision 2030. The report includes a comprehensive evaluation of the performance related to the programs, the most prominent achievements realized, and future aspirations. It also highlights the progress of these programs during Q2 of 2023, in regard to three pillars, “a vibrant society, a thriving economy, and an ambitious nation”, and the focus on launching initiatives that, when implemented, will help achieve the strategic goals of the vision.

The council discussed the quarterly presentation submitted by the National Center for Performance Management of Public Entities regarding the performance of public sector entities. It highlighted the performance of different entities and their efforts to achieve Vision 2030, the results of the performance review meetings held by the center in cooperation with the entities, and the corrective measures taken to ensure that targets are reached.

The council also went over the presentation submitted by the National Center for Privatization on the highlights of the presentations submitted by the supervisory committees for privatization projects for H1 of 2023. The presentation included the outcomes of the privatization projects, the achievements of the supervisory committees, and the most prominent challenges and solutions presented during this period.

The council has then taken the necessary decisions and recommendations.

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