Uncertainty exists but great opportunities still remain, says Reliance chairman

As the entire world is transiting and with the advent of technology that are transforming the global economy, uncertainty will exist but will also bring in tremendous opportunities, according to Mukesh Ambani, chairman and managing director at Reliance Industries.

“I have been coming to Saudi Arabia for the past 20 years. What I have observed in the past two to three years is transformation happening in-line with Saudi Vision 2030,” Ambani said on the sidelines of the first plenary “The next decade: How will a new era of economic ambition shape the global economy?” at the third annual Future Investment Initiative (FII) 2019.

He also noted that the current ambition of transforming the economy has been “very inviting” for him as a businessman and an investor to invest more in Saudi Arabia.

Ambani attributed the transformation in both Saudi Arabia and India to the “unique leadership”.

“Both the countries have 65 percent of the population, which is young. I agree that there has been a slowdown but it’s temporary. All the reforms taken place in the past few years will show the outcome very soon for both the countries,” he said.

Analysts are also of the opinion that both the world leaders of Saudi Arabia and India are going to be the main leverage to counter current threats and financial instability.

“Both leaders from Saudi Arabia and India are going to be the main leverage to counter current threats and financial instability. Ambani puts his hope on Crown Prince Mohammed Bin Salman and Narendra Modi, as change is needed,” Cyril Widdershoven, director at Verocy, said.

“Focus on AI and high tech is needed but at present for countries such as Saudi and India is jobs. Technology is also a disruption as capabilities in job markets are not there,” he added.

Write to Paromita Dey at paromita.d@argaamplus.com