It is vital for the business goals that you know what is 2030 vision planned by the Saudi Arabian authorities. This vision, which allows opening the country to various investments, seeks to reinforce the country as a regional and world power.
In this article, we will show you what this plan is about and how the application is now progressing. Let us see:
1. Do you know what is 2030 vision?
The KSA 2030 vision is an economic and social reform plan that opens Saudi Arabia to the world. This program was released by Crown Prince Mohammad bin Salman in 2016, whose main purpose is to expand the economy. Therefore, with this plan, they want to reduce the reliance of the country on fossil fuels. Likewise, with the application of this system, they seek to lower carbon emissions in the future.
In this way, the authorities seek to make the country a global leader in a fast-changing world. Besides, applying this change will bring the country great benefits since it will not depend on oil prices. Said prices changed continuously according to the economic reality of the nations of the Middle East.
Hence, to answer what is 2030 vision, it must be said that it is a path of effort that contributes to training the youth of the country with the skills to succeed. They will also be ready for a world that sees oil as an outdated danger, competing with better and more robust solutions.
2. Know the Saudi Vision 2030 Goals
The Saudi vision is based on 3 central aspects: a vibrant society, a prosperous economy, and an ambitious nation. Likewise, these three pillars mesh perfectly to achieve the goals of the nation.
2.1 Vibrant society
The first thing contemplated in the vision is to promote a more dynamic society, which creates participation and experience options for the residents. The bases of this pillar will aim to expand the sectors that concern residents, including sports, entertainment, and culture in general.
Likewise, the vision allows the diversification of entertainment, such as theme parks or events such as the Dakar Rally. Similarly, the program enabled the creation of museums, and various music festivals, in addition to some sports academies, such as the Mahd Sports Academy.
Also, they have implemented a talent development program for the creation of human resources in various areas.
2.2 Prosperous economy
With the application of the Vision 2030 plan, it is possible to create business opportunities that expand the economy and produce new jobs for residents. In addition, Saudi Arabia takes advantage of the location and potential to bring in talent and thus increase global investment. Likewise, the country has a very important geographical location for international trade between Asia, Europe, and Africa.
In addition, with this vision, plus the location of the country, they will be able to form new associations. In this case, it will favor the growth of the economy of national companies and their products. Similarly, the goal is a diverse and sustainable economy, as well as creating a culture that supports the development and potential of the future generation.
Thus, all these plans will function to promote the nation to a prosperous future.
2.3 An ambitious nation
Saudi Arabia seeks to become an ambitious nation and aims for transparency in accountability and the effectiveness of government strategy. Also, the country has grown steadily and the vision will help it evolve to keep up with all the changes and challenges it faces. An example of this is the construction of the smart city called “NEOM” with which the nation demonstrates its potential to the world.
Likewise, to harness the potential, Saudi Arabia allows the participation of the private business sector and other organizations for the prosperity of the country.
3. Putting Saudi Arabia Vision 2030 into action
Another way of highlighting what is 2030 vision, is to observe its putting into action. In this case, we are talking about Vision Realization Programs (VRPs), designed to turn the 2030 vision into reality. To do this, they launched 11 programs that organize activities into delivery plans. The objectives and the respective measurements allow for guiding these plans, with a goal of 5 years.
- Quality of life. Promote a healthier lifestyle for citizens, improvements in entertainment and cultural activities, and development of public spaces.
- National Logistics and Industrial Development Program (NIDLP). Create an integrated business environment that attracts foreign investment, in addition to contributing to the development of local companies.
- Public Investment Fund (PIF). Convert the PIF into the fund par excellence to invest in strategic sectors that promote economic growth.
- Privatization program. Privatize state companies and originate private sector investment for greater job opportunities.
- Fiscal Balance Program (FBP). Balance the budget to improve the efficiency of public spending.
- National Transformation Program (NTP). Establish key initiatives for improvements in education, infrastructure, and health.
- National e-commerce strategy. Promote e-commerce to develop infrastructures and regulations to support the sector
- Saudi Arabian Military Industries (SAMI). Strengthen military industries to create local jobs and promote technology transfer.
- National Renewable Energy Program (NREP). Promote the use of renewable energy to reach 50% of these sources by 2030.
- Housing program. Increase the rate of homeownership for residents by 70%, offering more affordable housing.
- Human Capital Development Program (HCDP). Development of the skills of the residents of the country based on educational, training, and employment opportunities.
4. Take advantage of the opportunities for companies in Vision 2030
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