Day 2 focus on supply chain resilience, digital technology, localized value chains, and forging global partnerships.
Riyadh, Kingdom of Saudi Arabia, 26 November 2024: H.E. Khalid A. Al-Falih, Minister of Investment of Saudi Arabia, highlighted today a shift from globalization to regionalization to optimize supply chain resilience at the 28th World Investment Conference (WIC) in Riyadh, which is being cohosted by Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA).
The day's proceedings were marked by the unveiling of nine transformative investment deals under Saudi Arabia's Global Supply Chain Resilience Initiative (GSCRI). Valued at over $9.3 billion, these deals will strengthen the Kingdom's economy and drive further investment.
Returning to the stage following his keynote address to open Day 1 of WIC, His Excellency Khalid Al-Falih said: 'These nine deals will help increase access to critical materials, advance domestic manufacturing here in the Kingdom, and reinforce sustainability and overall Saudi participation in global supply chains. Everybody recognizes that globalization will continue, but it's going to be quite different, with regionalization, and the clustering of supply chains around where materials, energy, human resources, capital, and an enabling business environment co-exist.'
The deals include major projects such as copper smelting and refining facilities with Vedanta, advanced titanium projects with AMIC and Tasnee, and rare earth element processing facilities with Hastings. Further agreements with companies like Red Sea Aluminum, Glasspoint, and Zijin Group underscore Saudi Arabia's growing influence in sectors including renewable energy, base metals, and advanced manufacturing.
Also speaking at the event, His Excellency Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said: 'Our localization strategy is an important part of helping us to create industries that will help reduce our imports and increase our resilience, helping Saudi Arabia to be a major global player in different activities. We announced yesterday the largest food cluster globally, followed by 11 million square meters in automotive.'
In the GSCRI discussion panel that followed the opening remarks, the speakers widely agreed that Saudi Arabia offers certainty in an uncertain world. Assaad AlJomoai, President and Board Chairman, Boeing, Kingdom of Saudi Arabia, described the nation as offering a 'second to none infrastructure when it comes to the cost of renewables', creating 'a super-attractive value proposition for companies like Boeing to look into sourcing eSAF [synethic fuel derived from renewable energy] from the Kingdom.'
The event's second day also featured a number of other high-level panels and roundtables. Beginning the day was 'Future Frontiers: Investing in Tomorrow's Industries', examining public-private collaboration, policy frameworks, and strategies for emerging industries amid global challenges. H.H. Prince Sultan Bin Khalid Al Saud, CEO, Saudi Industrial Development Fund (SIDF), revealed how the fund had supported 4,000 projects since 1974, with 40% of those implemented as a result of Vision 2030. He also highlighted the government's trust in future generations:
'Development starts in investing in people and no matter how you look at Vision 2030 how you slice it and how you dice it, it's about the people, it's about investing in them, it's about having the courage to trust them, their abilities and their capabilities to create something not only for this generation of Saudis but for all future generations of Saudis'
Other sessions concerned technology and investment, covering artificial intelligence and blockchain, while a COP29 Integration Roundtable saw participants examining how outcomes from the recent conference in Azerbaijan can drive sustainable finance, with actionable recommendations for integrating environmental objectives into economic policy. WIC also continued its entrepreneurship and matchmaking sessions, facilitating introductions and partnerships between global investors, SMEs, and startups, reflecting Saudi Arabia's commitment to fostering innovation and supporting the next generation of entrepreneurs.
The 28th World Investment Conference will conclude tomorrow with sessions on global investment opportunities, special economic zones, and the future of sustainable tourism.
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