Thursday, May 23, 2024
GSCRI to position Saudi Arabia as key link in global supply chains

GSCRI to position Saudi Arabia as key link in global supply chains

HRH Prince Mohammed bin Salman bin Abdulaziz, crown prince, prime minister and chairman of the Council for Economic and Development Affairs has announced the launch of the Global Supply Chain Resilience Initiative (GSCRI). The GSCRI aims to make Saudi Arabia a location of choice for leading global industrial companies looking to drive competitive advantage and improve business resilience.

The Prince considers that GSCRI provides a great opportunity to achieve common successes. Working along with other development initiatives that have been launched in recent years, it will help to enable investors, from all sectors, to benefit from the Kingdom’s resources and capabilities and support and develop these value chains. The initiative will bring the Kingdom closer to achieving its Vision 2030 aspirations to be a top 15 global economy by 2030 and leave a prosperous legacy for future generations.

The GSCRI is one of the initiatives of Saudi Arabia’s National Investment Strategy, launched in October 2021 to accelerate efforts to make the Kingdom a global investment powerhouse. The initiative aims to enable global investors to make optimal use of the Kingdom’s natural resources and untapped potential and form strong relationships with regional and global markets.

The GSCRI aims to make the Kingdom an optimal investment environment for all investors in supply chains. The pandemic, trade disputes and the geopolitical landscape have broken or weakened global supply chains, driving up commodity prices and disrupting production and distribution. This initiative aims to strengthen the position of the Kingdom of Saudi Arabia in the global economy, and to mitigate the impact of global disruptions.

The Kingdom offers a robust logistics infrastructure across industrial cities, airports and ports, with ambitious expansion plans underway as part of the National Transport and Logistics Strategy. The country’s digital infrastructure has witnessed significant progress, with widespread high-speed internet coverage and 5G now available to nearly 80% of the population. Saudi’s workforce is young, educated and ambitious, with Saudis under the age of 30 accounting for about 60% of the population.

 

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James Graham

James Graham is an award-winning transport media journalist with a long background in the commercial freight sector, including commercial aviation and the aviation supply chain. He was the initial Air Cargo Week journalist and retuned later for a stint as editor. He continues his association as editor of the monthly supplements. He has reported for the newspaper from global locations as well as the UK.

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