INAUGURAL WIC HIGHLIGHTS SAUDI’S LEADERSHIP IN GLOBAL INVESTMENT OPPORTUNITIES

KUALA LUMPUR, Nov 26 (Bernama) -- The 28th World Investment Conference (WIC) was officially launched today in Riyadh by Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA).

Themed ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’, the first day brought together more than 2,000 attendees from 130 countries, including 30 ministers, to explore key strategies for overcoming global investment challenges and unlocking opportunities for the future.

Saudi Minister of Investment, Khalid Al-Falih delivered the opening keynote, highlighting the Kingdom’s transformation under Vision 2030 and its emergence as a global investment hub.

According to a statement, he identified the critical global trends shaping investment, such as the rise of green and blue economies, the impact of new technologies, the reconfiguration of global supply chains, and demographic shifts.

The Minister also shared impressive figures, noting that Saudi Arabia's gross domestic product (GDP) has grown by 70 per cent since the launch of Vision 2030 to US$1.1 trillion, with non-oil economic activities contributing half of that growth, while foreign direct investment (FDI) has tripled, with international investors increasing tenfold. (US$1=RM4.45)

Meanwhile, WAIPA President and Invest India Managing Director and Chief Executive Officer, Nivruti Rai also addressed the audience, highlighting the importance of collaborative global efforts to reshape economics and drive sustainable growth.

Day one panels covered topics such as the evolving role of emerging economies, FDI’s role in economic transformation, industrial policies aligned with investment promotion, and transformative innovations in climate action.

A panel featuring Saudi, Egyptian, and Tunisian ministers discussed how emerging economies are redefining the role of investment promotion agencies (IPAs) and creating new opportunities for FDI amidst challenges like geopolitical shifts and sustainability goals.

The conference also featured a masterclass on artificial intelligence-driven analytics and virtual reality site visits, along with matchmaking sessions that connected investors with small and medium-sized enterprises (SMEs) and government representatives.

Minister Khalid Al-Falih also brought up the topic of supply chain resilience ahead of the Global Supply Chain Resilience Event (GSCRI) being held on the sidelines WIC tomorrow. The second day of the conference will focus on technology innovation, industrial transformation, and sustainable partnerships.

-- BERNAMA