Saudi Minister of Investment Khalid Al-Falih announced that the implementation of the Kingdom's National Investment Strategy increases the volume of foreign investment 20 times, stressing that the Kingdom established new reforms to attract quality investments.
Speaking at the first Saudi-Austrian Business and Investment Forum in Riyadh, the minister confirmed that during the last five years, the Kingdom established over 77 percent of the 500 economic reforms defined within "Vision 2030."
"Through the ongoing implementation of Vision 2030 and the Kingdom's National Investment Strategy, we are unleashing Saudi Arabia's untapped investment potential and seeking to connect businesses, including those in Austria, with the vast opportunities available in the Kingdom."
Falih announced that the Investment Forum coincides with the 56th anniversary of diplomatic relations with Austria, noting that solid institutions lead the partnerships in the presence of a joint economic committee that held a meeting in Riyadh.
He stressed Saudi Arabia's aspiration to expand and develop its industrial capabilities and products and digitize its economy through public-private partnerships and international cooperation, including with Austria.
For her part, Austria's Minister for Digital and Economic Affairs Margarete Schrambock stressed her country's readiness to provide the Kingdom with its advanced technological industrial capabilities in light of Vienna's technical solutions to meet climate challenges and address the world's food and education problems.
"It is important to have partners around the world and to have these meetings in person. One important topic that we share is about the next generations of Saudi Arabia and Austria. We need to lay the foundations so that they can strive for the business opportunities that they want to achieve."
Schrambock explained that digital transformation is a common bilateral challenge, noting that her country enjoys all the necessary tools of artificial intelligence, cloud computing, and new developments.
The minister revealed that Austria is implementing a new strategy, consisting of seven main axes, including health.
She asserted her country's excellent experiences in the health sector, hospital and equipment construction, medicine production, health care, and the vaccine industry.
It provides an excellent opportunity to boost the partnership with the Kingdom and enhance the information technology sector as one of the axes of this strategy, said the minister.
Schrambock hoped the Saudi-Austrian Investment Forum would establish a stage for bilateral cooperation between the two countries in various vital fields and create job opportunities for generations.
The minister noted that both Saudi Arabia and Austria face the same challenges, explaining that the two nations have joint issues, including digital and environmental transformation, despite the different history and cultures.
