Saudi Arabia's global supply chain initiative represents an opportunity to get through the global crisis, Bahrain's Minister of Finance Salman bin Khalifa Al Khalifa said on Wednesday, speaking at the sixth conference of the Future Investment Initiative in Riyadh.
"The Saudi Supply Chain Initiative is a global opportunity to solve the global crisis," Asharq Al-Awsat TV quoted the minister as saying.
Al Khalifa said that "the Gulf countries are striving to move from a consumer economy to a manufacturing economy." "We have non-oil opportunities to build a stronger and more robust economy," the finance minister said, stressing that "the non-oil sector in the region is showing significant growth."
Regarding the problem of inflation, Al Khalifa noted that "the global community ignored it and now is surprised by the surge." "Inflation is one of the pressing problems, especially with regard to energy and food prices," he said.
Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud announced last week the launch of a national initiative to ensure supply chain sustainability around the world. The project will raise 40 billion Saudi riyals (more than $10 billion) in investment over two years. It involves the creation of special economic zones in Saudi Arabia, attracting regional and international companies. Thus, according to the plan of the authorities, the kingdom will become a hub for the global market.
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Based on materials from TASS