Public-private cooperation key to resilient supply chains: Saudi investment minister

Public-private cooperation key to resilient supply chains: Saudi investment minister

Cooperation between public and private entities, as well as across borders, is key to resilient supply chains, Saudi Arabia’s Minister of Investment said during a World Economic Forum panel on Thursday.

The Gulf state is investing in infrastructure and incentives to make it an attractive location for businesses seeking low-cost, low-risk, and low-carbon solutions to supply chain challenges, Khalid al-Falih added.

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The Davos panel discussed ways to adapt to changing global value chains to enable resiliency, sustainability, and inclusive growth.

Pointing at Saudi Arabia’s supply chain initiative -- Global Supply Chain Resilience Initiative (GSCRI), launched in October last year – the minister spoke about how the Kingdom can become a part of the multi hub system globally, “playing to our strengths of access to materials, access to relationships within the region and beyond."

Saudi Arabia is following a trade strategy that involves enabling policy and reducing the cost of doing business, while keeping the country open to international investors, he said.

Despite the war between Russia and Ukraine showing no signs of stopping and worldwide inflation continuing to hamper economies, Saudi Arabia and other Gulf countries could be set for an