At the World Economic Forum in Davos, Commerce Minister Dr. Majid Al-Kassabi announced that Saudi Arabia’s trade in services reached SAR 540 billion in 2023, marking a 7% annual growth. He emphasized the global importance of the services sector, which makes up around 65% of global GDP and 60% of foreign investments, and is the largest job provider, especially for women.
Dr. Al-Kassabi called for international cooperation to reduce regulatory barriers in the services sector, suggesting that streamlining these processes would boost competitiveness and benefit small and medium enterprises (SMEs), enhancing their economic impact.
Saudi Arabia has invested heavily in digital infrastructure, with SAR 93.7 billion spent and SAR 75 billion earmarked for future projects. These investments aim to drive digital transformation, support business growth, and attract foreign investment.
The Kingdom is collaborating with global organizations to develop legal frameworks that safeguard investments and foster human resource development. It has also established a Center for Distinguished Residence to draw skilled professionals.
The World Economic Forum highlighted the crucial role of public-private partnerships in shaping the future of trade in services. In collaboration with the National Competitiveness Center, it is advancing the Facilitating and Developing Trade in Services initiative, focusing on sectors like ICT, finance, transportation, logistics, and mining, which are foundational to economic activities.