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Saudi Minister of Commerce Majid Al-Qasabi, said that promoting the special economic zones is an integral part of the economic transformation plan within Vision 2030, especially as the Kingdom’s prime location as a link between three continents, besides its abundance of natural and human resources, give these zones a competitive edge.
The Kingdom is currently planning for the establishment of special economic zones for major competitive industries and services, using a multi-sector approach that combines between the relevant government agencies, local authorities and investors at the local and international levels, said Al-Qasabi, in an interview cited in the “Investment Brief for Q3 2020” report.
The lessons learnt from around the world showed that effective special economic zones represent powerful factors in supporting economic development, as they provide the infrastructure required to attract foreign direct investment, said the minister.
He further indicated that the special economic zones would spur the drive towards specialization and the transfer of expertise between groups. They will also represent launching platforms for exports, and enable the government to test the policies and regulatory reforms prior to expanding their scope to the main economy.
During the 2021 Budget Forum held earlier this month, Minister of Investment Khalid Al-Falih said that the free economic zones planned to be launched in Saudi Arabia are under final review by the government, according to Argaam’s available data.