RIYADH - (Xinhua) - Saudi Minister of Investment , Eng. Khalid bin Abdulaziz Al-Falih, witnessed (Tuesday) the signing of 6 memorandums of understanding in the fields of energy, quality of life, defense industries, transportation, biotechnology and finance, on the sidelines of the Future Investment Initiative in its sixth edition.

The memorandums of understanding aim to enhance and develop capabilities and skills, address the main challenges facing the sectors, benefit from global experiences and best practices, in addition to launching new initiatives, providing job opportunities and opening regional headquarters in the Kingdom in line with the objectives of the Kingdom's Vision 2030, as stated by the Saudi Press Agency (( SPA)).

The signing of memorandums of understanding comes as a continuation of the efforts and objectives of the Ministry of Investment in attracting investments, enabling sectors to grow, facilitating access to investment opportunities, localizing knowledge and expertise, developing systems and policies, enhancing access to services through partnership between the public and private sectors, and working to strengthen partnership efforts with the private sector in transformation. social and economic in the kingdom.

The event is organized under the slogan "Investing in Humanity... Enabling a New World Order", with the participation of 6,000 people from countries of the world, and 500 speakers from different sectors from inside and outside the Kingdom, and it will last for three days.

It is expected that the initiative will witness the announcement of more agreements and new investments, which will be added to previous agreements concluded since the launch of the initiative in 2017.

Al-Falih stressed that the future of the global economy for the year 2023 is uncertain, due to high inflation and low purchasing power, adding that trade policies can no longer be predicted due to many factors such as high energy prices and climate change.

While the Saudi Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, touched on the growth in the Kingdom, which jumped to 3.2% of the GDP, indicating that the percentage of non-oil GDP in the Kingdom achieved a growth of 6.1%, which is higher than it was in 11 years.

He revealed that the Public Investment Fund has invested more than 20% in recent years in the areas of renewable technology and startups, focusing on economic opportunities and social responsibility.

The sixth edition of the initiative will witness the holding of 180 sessions, in addition to 30 workshops and 4 mini-summits distributed over the three days, and will address various topics, including balancing success with sustainability, geo-economic rise, equality in an unequal world, and what world leaders face in their attempt to restore the world to what it was. Before the Corona pandemic, and the difficult and unexpected challenges it faces.