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Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
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Saudi Minister of Economy: Accelerating Economic Diversification Is Priority of Vision 2030

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)
Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim speaks at the forum. (SPA)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said the Kingdom has reached the halfway point in its journey towards Vision 2030, reported the Saudi Press Agency on Tuesday.

He made his remarks at a panel discussion at the World Economic Forum's Annual Meeting of the New Champions (AMNC24) in Dalian, China.

The minister discussed the rapid growth of non-oil activities since implementing the Kingdom's Vision 2030.

The minister said: "The Kingdom achieved an economic growth rate of 8.7% in 2022, with non-oil activities contributing 5.6%. Non-oil activities account for 51% of the real gross domestic product, surpassing the oil economy.”

“The Kingdom has reached the halfway point in its journey towards Vision 2030 and will continue to prioritize economic diversification and human capital development,” he stressed.

Furthermore, he highlighted the Kingdom's role in energy security and climate action, stating that it is a major producer of clean hydrocarbon energy and has made significant strides in renewable energy, including green hydrogen, solar, and wind energy.

The minister emphasized the need for a comprehensive and integrated approach to address global economic challenges and stressed the importance of international cooperation, innovation, and comprehensive solutions.

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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.