29 August 2016
JEDDAH: The Kingdom has assured the world that it has embarked on a permanent plan to diversify its income sources and reduce dependence on oil reserves as per Vision 2030. This plan is considered the biggest economic transformation program in the region, which will involve close cooperation with a number of other countries.

The visit of Deputy Crown Prince Mohammed bin Salman to China and Japan this week is an important economic signal and in line with the size of the Kingdom's ambitious vision. This vision has stunned many local, regional, and international economic observers who agree that it will transform the Kingdom into one of the great economic hubs of the world and will improve the well-being of Saudi citizens.

The visit to China and Japan is about more than simply protocol. Rather, the weight of these countries internationally and their success in rapid economic growth and their ability to bypass modern resource challenges mean that, globally, they are among the top 20 countries in terms of economic strength.

During this visit, a number of cooperation agreements are expected to be reached between the Kingdom, China and Japan in the fields of energy generation, oil storage and more. This will contribute to the establishment of dynamic projects in the Kingdom. This will allow the Kingdom's Vision 2030 to achieve its goals of developing local industries, improving health services, as well as bolstering road, marine and air transport.

Overall it is clear that the visit of Prince Mohammed to China and Japan is a strategic economic move, as the focus on cooperation during the trips will allow the Kingdom to benefit from their practical experience in sustainability and renewable energy products.

© Arab News 2016