As one of the world’s biggest oil exporters, Saudi Arabia’s trade links are well established and have a global reach. The revenue raised from outgoing shipments of this resource fund the government’s social and infrastructural programmes, and are therefore central to the Kingdom’s economy. Saudi Arabia’s non-oil exports, however, are considerably smaller than its non-oil imports, and reducing the non-oil trade deficit is a central pillar of Saudi Vision 2030, the strategic blueprint…
Trade & Investment
From The Report: Saudi Arabia 2020
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The revenue raised from outgoing shipments of oil fund the government’s social and infrastructural programmes, and are therefore central to the Kingdom’s economy. The onset of the Covid-19 pandemic in the first quarter of 2020 has slowed economic activity and reduced investor sentiment around the world, thus its effect on the Kingdom’s trading activity and inward investment is yet to be seen. However, the process of legislative and regulatory reform that has altered the nation’s trading and investment landscape in recent years is expected to continue to long-term benefit. The government’s goal, according to Vision 2030, is to rank within the top-20 countries on the World Bank’s ease of doing business index – a feat that will require additional revision and innovation in the decade to come.