Saudi investment chief warns: Global business needs cooperation, not protectionism

talk in Global Luck Forum In Riyadh, Saudi Arabia, Al-Falih said the rapid pace of technological innovation, changes in trade policies, and the emergence of new markets in the global South have brought about tremendous change. Countries and companies must adapt to this changing world, even as “the foundations of global business are, in some ways, being shaken and rewritten before our eyes.”

But Al-Falih added that the rise of protectionist policies represents a setback.

“In my view, no country or company can achieve resilience in isolation,” he said. “The real advantage lies in what we call connected resilience, not isolated resilience.”

The Trump administration imposed a 10% “base tariff” on Saudi Arabia, but has regularly imposed higher tariffs on other trading partners. Recently, President Donald Trump imposed an additional 10% tariff on Canada on top of existing tariffs in response to an anti-tariff announcement. broadcast By the Province of Ontario, which included former President Ronald Reagan.

The power is in cooperation

Al-Falih said that the Kingdom, for its part, has made cooperation one of its strengths. In the past decade alone, under Crown Prince Mohammed bin Salman’s Vision 2030 plan, non-oil economic activities in the kingdom have risen to 56% of the economy, compared to less than half when the plan was launched in 2016. Its total economy has grown to about 1.3 trillion, from 650 billion before the plan, while unemployment has fallen to less than 7%, and women’s participation in the economy has doubled.

Al-Falih described the Kingdom’s achievements as evidence of its prosperity as an economic player, and it is now more than ever a destination for investment and a catalyst for growth at the international level and in the region.

As for the future, the Kingdom is looking to become a major player in the age of artificial intelligence thanks to its investments in both oil and renewable energy that will help power “a global hub for data centres, cloud computing and AI-driven industries.”

Al-Falih said: “We are not just waiting for the future to arrive. Rather, we are building it today, not alone, but in cooperation with our global partners.”