Saudi Arabia is open for business, according to Finance Minister Mohammed Al-Jadaan, who says the kingdom is tapping into its own manufacturing industry to lure foreign investment.
Continue Reading Below
“Currently we are importing almost 90% of what we consume, we are trying now to manufacture in Saudi Arabia half of that,” Al-Jadaan told FOX Business’ Maria Bartiromo during an exclusive interview on “Mornings with Maria.”
By 2030, the kingdom aims to manufacture its own automobiles, transport services and utilize the limited use of it its mining sector and entertainment industry.
“We are training our people,” he said. “Then we are actually bartering with the right experts – U.S. companies and others to bring in the know-how and expertise in Saudi Arabia.”
Meanwhile, following the corruption crackdown, Saudi Arabia’s Crown Prince Mohammed Bin Salman visits New York City on Tuesday to meet with business leaders in an effort to attract foreign investment in his country. The visit follows stops in Washington, D.C., Boston and Silicon Valley.
Saudi Arabia’s foreign investment in the country is the highest ever, according to Al-Jadaan.
“We have zero tolerance to corruption. And it is a very comprehensive framework--this is one part of it,” he said. “But the rest of it is we are creating a very level playing field to investors.”