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  • Sheryll Mericido

Council of Economic and Development Affairs holds video conference for reports

NEOM, September 18, 2023, In order to examine reports, presentations, and items on its agenda, including the periodic presentation on regional and global economic trends presented by the Ministry of Economy and Planning, the Council of Economic and Development Affairs held a video conference. Key national economic data and the recent growth rate were examined throughout the presentation. It praised the ongoing expansion of non-oil activities. It also lauded the third year in a row of top performance levels among the G20 countries and high growth rates of the Purchasing Managers' Index (PMI) in the non-oil private sector.

It also included analyses of worldwide important economic indicators, forecasts for national economic growth, and a thorough assessment of current changes in the global economy.

The council examined initiatives taken to expand and diversify domestic production of goods and services that give the Kingdom a competitive advantage, in keeping with Saudi Vision 2030 objectives to create a vibrant economy that raises the nation's status internationally.

The presentation focused on high-priority economic activities that offer compelling benefits for the growth of the industrial sector, including metalworking, the auto industry, computer and electronic products, and activities in the service sectors like travel, logistics and transportation, communications, and information technology.

The presentation also covered opportunities to expand and diversify domestic products and services, as well as improve the level of production's competitiveness, in collaboration with the private sector, investors, and state-owned firms in a way that fosters integration into local, regional, and global value chains, supports the growth of non-oil exports, increases local content, and enhances the Kingdom's non-oil trade balance.

The council discussed the quarterly report on the initiatives to realize Vision 2030 from the Office of the Strategic Committee of the Council of Economic and Development Affairs. The report provides a thorough analysis of the programs' effectiveness, a list of their most notable successes, and plans for the future. Additionally, it outlines how these programs are doing in relation to the three pillars of "a vibrant society, a thriving economy, and an ambitious nation" during the second quarter of 2023 and emphasizes the importance of initiating initiatives that, when put into action, would aid in achieving the strategic objectives of the vision.

The National Center for Performance Management of Public Entities' quarterly report on the operation of public sector organizations was examined by the council. The performance of several organizations and their efforts to realize Vision 2030 were emphasized, as were the outcomes of performance assessment meetings held by the center in collaboration with the organizations and the remedial actions taken to guarantee that goals were met.

The council also reviewed the National Center for Privatization's presentation, which covered the highlights of those made by the oversight committees for privatization projects for the first half of 2023. The results of the privatization projects, the accomplishments of the supervision committees, and the most significant problems and solutions raised during this time were all covered in the presentation.

After that, the council made the appropriate decisions and suggestions.

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