Saudi economic transformation helps launch new sectors, offer promising opportunities: Alkassabi

Minister of Commerce Majed Alkassabi

The Saudi economy, since the launch of Vision 2030, has witnessed a transformation that led to opening new sectors and offering promising opportunities for the business sector, Minister of Commerce Majid Alkassabi told Saudi-Finnish Business Forum.

He highlighted the need to strengthen economic partnership and diversify bilateral trade between Saudi Arabia and Finland, Saudi Press Agency reported.

The bilateral trade is estimated at $645 million annually, the minister said, stressing the need to benefit from Finland’s leadership in the areas of research and development, education and training, startups, innovation and others.

The Kingdom works to transform into a global trade and logistics hub, taking advantage of its geographical location and capabilities that are currently being developed in light of the national strategy for transport and logistics services, Alkassabi said.

He also pointed out that there are many promising opportunities available in several fields, including renewable energy generation, hydrogen use in industrial applications and transportation, as well as cooperation opportunities to develop and employ carbon capture technologies.