Saudi Arabia’s Crown Prince launches the Global Supply Chain Resilience Initiative

Published: Updated:
Enable Read mode
100% Font Size

Saudi Arabia’s Crown Prince Mohammed bin Salman launched on Sunday the Global Supply Chain Resilience Initiative (GSCRI), that aims to strengthen the Kingdom’s position as a main and vital center in the global supply chains.

The GSCRI aims to make the Kingdom the optimal investment environment through different means, such as establishing several special economic zones, attracting the regional headquarters of international companies to Saudi Arabia as well as through pressing on with regulatory and procedural reforms which will contribute to further improving the investment environment and its competitiveness.

For the latest headlines, follow our Google News channel online or via the app.

The Crown Prince said that this initiative will act as a great opportunity to achieve common successes, according to the official Saudi Press Agency (SPA).

“On one side, [this initiative]-along with other developmental initiatives that have been launched- aims to enable investors from different sectors to benefit from the Kingdom’s resources and its ability to support and develop these chains and build successful investments, ” the Crown Prince said.

Such initiatives, the Crown Prince added, will give greater flexibility to economies, businesses and consumers world-wide and ensure that supply chains are sustainable and accessible to all parts of the world.

The initiative will contribute to push the Kingdom one step closer to achieving its aspirations and strengthen its economic position among the top 15 global economies by 2030, the Crown Prince said.

The Kingdom looks to attract quality, industrial and service investments worth 40 billion Saudi riyals ($10.64 billion) during the first two years of the initiative. Saudi Arabia has also set 10 billion riyals in financial and non-financial incentives for investors.

The initiative comes at a time when different global factors and COVID-19 “have broken or weakened global supply chains, driving up commodity prices and disrupting production and distribution,” the SPA report stated.

“The Global Supply Chain Resilience Initiative will leverage the Kingdom’s resources, infrastructure and location to bring greater resilience to economies and companies across Europe, the Americas and Asia, while further enhancing Saudi Arabia’s position in the global economy,” SPA said.

With a strong economy, strategic geographic location, energy sources, as well as resources such as petrochemicals, solid infrastructure and well-built services, the Kingdom offers an added value to investors.

This is in addition to the importance that the Kingdom has been giving to the environment, climate change and renewable energy.

Read more:

Saudi Arabia announces climate events to take place in November

Saudi Crown Prince Mohammed bin Salman holds phone call with Algerian president

Saudi Arabia condemns ‘terrorist’ Houthi attack on oil terminal in Yemen’s Hadramawt