Saudi Arabia Seeks to Promote 4th Industrial Revolution Technologies to Raise Productivity

The LEAP 2023 conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
The LEAP 2023 conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Promote 4th Industrial Revolution Technologies to Raise Productivity

The LEAP 2023 conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)
The LEAP 2023 conference kicked off in Riyadh on Monday. (Asharq Al-Awsat)

Saudi ministers have revealed the Kingdom’s determination to harness technology in diversifying the economy, with the launching of new investments and activating the full potential of the fourth industrial revolution technologies in various sectors.

Speaking during a session held on the first day of the LEAP 2023 conference in Riyadh, Saudi Minister of Investment Eng. Khaled Al-Falih said that innovation was the key to unleashing the full potential of the 4th industrial revolution technology, in order to meet the challenges and implement a sustainable economic transformation.

Al-Falih emphasized the importance of partnership between the public and private sectors, and the role of SMEs and start-ups as engines of innovation, as well as the contribution of women in science, technology, and knowledge and data exchange.

Saudi Arabia is determined to become a center for supply chains between the world’s continents, he said, by investing in its location and resources.

The minister added that the Kingdom also sought to employ the technologies of the Fourth Industrial Revolution and the uses of artificial intelligence, automation, robots and large-scale computing, in support of the various sectors.

For his part, Bandar Al-Khorayef, the Saudi Minister of Industry, said that the LEAP 2023 conference was a clear example of Saudi Arabia’s endeavor to attract the main players in technology and strengthen its position as a regional and international hub in various sectors.

Al-Khorayef noted that the private sector had a valuable opportunity to advance better in the field of advanced technologies.

“It takes us being brave enough to support the technological transformation; we have a privileged position and tremendous resources, in addition to the talent that is the most valuable asset,” he underlined.

Faisal Al-Ibrahim, the Saudi Minister of Economy and Planning, said that the current global challenges should not be dealt with unilaterally, but rather be looked at in a comprehensive manner.

According to the minister, increasing the efficiency of the industrial process to reduce costs and carbon emissions also requires strengthening partnerships and international cooperation, as well as harvesting the benefits of the fourth industrial revolution and investing in advanced digital technologies.



China Issues Tax Refund Policies for Foreign Tourists to Boost Inbound Consumption

People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025.  EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO
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China Issues Tax Refund Policies for Foreign Tourists to Boost Inbound Consumption

People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025.  EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing in Beijing, China, 24 April 2025. EPA/WU HAO

China said on Sunday it will improve tax refund policies for foreign tourists to boost inbound consumption, part of efforts to boost the economy as domestic demand remains tepid.

China will promote the expansion of tax refund stores in shopping areas, scenic spots, airports and hotels, according to a statement released jointly by the commerce ministry and other departments.

The minimum refund point for one overseas traveler in the same tax-refund shop on the same day will be lowered to 200 yuan ($27.45) from 500 yuan before, the statement said.