Crown Prince establishes Global Supply Chain Resilience Initiative

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The Global Supply Chain Resilience Initiative was launched on Sunday, according to Crown Prince and Prime Minister Mohammed bin Salman (GSCRI).

The GSCRI seeks to make Saudi Arabia the preferred site for top industrial businesses wanting to boost competitive advantage and boost organizational resilience.

The project also seeks to enhance the Kingdom’s standing as a significant hub and crucial supply chain for the world.

The project aims to elevate the Kingdom’s economic standing to that of one of the world’s top 15 economies by 2030.

The Crown Prince, who also serves as the head of the Council of Economic and Development Affairs (CEDA), stressed that this effort would give an excellent chance for Saudi Arabia to achieve joint prosperity.

“This, together with the previously established development projects, will be critical in allowing investors from all sectors to benefit from the Kingdom’s resources and competencies to support and expand these chains.” This will also help to establish successful investments that will allow economies and consumers throughout the world more flexibility, in addition to assuring the provision and sustainability of supply chains that reach all areas of the world effectively and with highly competitive advantages,” he added.

The Crown Prince stated that the GSCRI will help the Kingdom get closer to its Vision 2030 goals of being a top 15 global economy by 2030 and leaving a wealthy legacy for future generations.

The GSCRI is one of the projects of Saudi Arabia’s National Investment Strategy, which was established in October 2021 to accelerate the Kingdom’s ambitions to become a worldwide investment powerhouse. The program intends to help global investors make the most use of the Kingdom’s natural riches and untapped potential while also building strong links with regional and global markets.

Through a series of stages, the GSCRI intends to make the Kingdom an optimum investment environment for all supply chain investors.

These steps include identifying and developing investment opportunities and presenting them to investors, establishing a number of special economic zones in the near future to create an attractive environment for investors, and attracting international companies’ regional headquarters to the Kingdom.

The Kingdom is also trying to adopt regulatory and procedural reforms in a variety of areas, which will help to improve the investment climate and increase its attractiveness and competitiveness. In addition, making investments is critical to achieving economic development and diversification in light of the Saudi Vision 2030 objectives.

The epidemic, trade conflicts, and the geopolitical environment have all damaged or weakened global supply networks, causing commodities prices to rise and production and distribution to be disrupted. This effort intends to boost the Kingdom’s position in the global economy and to lessen the effect of global disruptions.

The GSCRI will use the Kingdom’s resources, infrastructure, and location to strengthen economies and businesses in Europe, the Americas, and Asia, while also strengthening Saudi Arabia’s position in the global economy.

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The policy of continual improvement of the investment climate will be accompanied with appealing possibilities and a one-of-a-kind incentives budget of SR10 billion in financial and non-financial incentives. Within the first year, the Kingdom hopes to attract SR40 billion in quality, industrial, and service investments in global supply chains.

Saudi Arabia provides a compelling value proposition to investors in numerous important areas. It offers a stable economy that is the largest in the Middle East and the fastest expanding in the G20, as well as a strategic location at the crossroads of three continents and a supply of critical raw materials for manufacturing. Saudi Arabia also provides competitive access to oil, gas, power, renewable energy, and human resources.

The Kingdom has a strong logistics infrastructure that spans industrial cities, airports, and ports, with ambitious growth plans in the works as part of the National Transport and Logistics Strategy.

The country’s digital infrastructure has advanced significantly, with approximately 80 percent of the population now having access to high-speed internet and 5G. Saudi workers are young, educated, and ambitious, with Saudis under 30 accounting for over 60% of the population.

In addition to these benefits, the Kingdom has initiated a number of ambitious plans and projects, many of which have already begun to be executed, with the goal of attaining sustainability, safeguarding the environment, and combating climate change. These plans include significant projects such as “Green Saudi Arabia” and “Green Middle-East,” as well as a program to diversify the energy mix utilized in generating electricity, with the goal of increasing the amount of renewable energy in electric power production to 50% by 2030.

They also include the development of Blue and Green hydrogen production to make Saudi Arabia the largest producer and exporter of this product, as well as pioneering steps in the development and application of carbon capture technologies, which supports the GSCRI in one of its main axes to attract green investment opportunities, such as manufacturing green metals using green hydrogen, manufacturing hydrogen production devices by electrolysis, advanced industries in recyclability, and advanced industries in waste management.

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