Saudi Vision 2030: CEDA emphasizes non-oil sector growth and competitiveness

Saudi Gazette report

NEOM — The Council of Economic and Development Affairs (CEDA) recently convened a video conference to delve into economic developments at local and global levels.

The meeting tackled various reports and subjects on its agenda, most importantly the Ministry of Economy and Planning’s periodic presentation on both local and global economic developments.

During this presentation, a thorough examination of crucial indicators pertaining to the national economy and recent growth rates was conducted. The council commended the sustained expansion of non-oil activities and celebrated the consistently high growth rates of the Purchasing Managers’ Index (PMI) in the non-oil private sector for the third consecutive year, which positioned the Kingdom at the pinnacle of G20.

The presentation also encompassed forecasts concerning national economic growth, a comprehensive overview of recent global economic developments, and a meticulous analysis of international key economic benchmarks.

Furthermore, the council engaged in discussions regarding ongoing efforts aimed at enhancing and diversifying the national production of goods and services with a competitive edge. These initiatives are in alignment with the goals of Saudi Vision 2030, which seeks to foster a thriving economy while elevating the Kingdom’s global stature.

The presentation delved into priority economic activities that offer attractive advantages for the development of the industrial sector, encompassing areas such as metalworks, the automobile industry, computer and electronic products, and activities within the service sectors like tourism, transportation and logistics, communications, and information technology.

Additionally, it shed light on opportunities for expanding and diversifying national goods and services. These endeavors are intended to enhance the competitiveness of domestic production through collaborations with the private sector, investors, and state-owned enterprises. Such partnerships are anticipated to bolster non-oil exports, facilitate integration into local, regional, and international value chains, augment local content, improve the Kingdom’s non-oil trade balance, and promote economic sustainability.

The council also turned its attention to the quarterly report from the Office of the Strategic Committee of the Council of Economic and Development Affairs, focusing on the programs designed to realize the Vision 2030 objectives. This report featured a comprehensive evaluation of program performance, highlighting notable achievements to date and outlining future aspirations. It underscored the progress achieved during Q2 of 2023, specifically with respect to the three core pillars of “a vibrant society, a thriving economy, and an ambitious nation.” The report emphasized the launch of strategic initiatives poised to contribute significantly to the realization of the vision’s strategic goals.

Moreover, the council reviewed the quarterly presentation submitted by the National Center for Performance Management of Public Entities, which assessed the performance of various public sector entities. This evaluation shed light on the entities’ endeavors to align with Vision 2030, including the results of performance review meetings held in collaboration with the center and the corrective measures taken to ensure the attainment of targets.

Lastly, the council delved into the presentation submitted by the National Center for Privatization, which highlighted key aspects of presentations from supervisory committees overseeing privatization projects in H1 of 2023. The presentation encapsulated the outcomes of these privatization projects, the accomplishments of the supervisory committees, and the primary challenges encountered, along with proposed solutions during this period.

Subsequently, the council made essential decisions and issued recommendations in response to these discussions.