(MENAFN - Arab News) This year's Global Competitiveness Forum (GCF-2014) will focus on the private sector's vital contribution in building both national and global economic growth.
Saudi Arabia will be more open to foreign capital and investment to cope with the huge national project and mega infrastructures that need more involvement of national and foreign private sectors.
This will be discussed thoroughly in the Building Competitive Partnership GCF-2014 to be held on Jan. 18-20 in Riyadh. The high-profile event, under the aegis of Custodian of the Two Holy Mosques King Abdullah is being organized yearly by Saudi Arabian General Investment Authority (SAGIA).
"In its 7th year, the GCF will focus on showcasing local and regional authorities and business leaders opposite world renowned global leaders to shed light on local, regional and global business trends and opportunities," said a statement from the organizer.
At the domestic level, the importance of choosing the partnerships competitiveness will be highlighted. This follows the Kingdom's announcement of its largest budget for 2014, which reflects the strength and durability of the economy of the country. This will provide more opportunities and investment schemes available for the private sector and its institutions.
A source from GCF organizer said the private sector had shown a strong performance recently. This was evident in its contribution to the GDP amounting to about 35 percent in 2012, and a growth rate of about 9 percent.
As indicated by the official data in this regard, the source said, the percentage contribution of this sector in the volume of investment amounted to 53 percent or SR314 billion out of SR591 billion representing gross fixed capital formation, a higher percentage than the public sector. Foreign direct investment represented around SR45 billion.
"This year's event will highlight a number of pressing developmental challenges faced by economies aspiring to shift to a system based on production efficiency and achieve sustainable development," it was stated.
It is also aimed at transferring of technology and localization of jobs and experiences, and build a qualified national cadres. The importance of the establishment of national entities to invest in promising sectors as well as government legislation and its role in maximizing the use of the comparative advantages and other issues will also be in focus.
The source added that the theme of the forum was decided in light of the developments and variables successively made by different national economies of the world that prompted it to adopt the concepts and strategies that go beyond the geographical boundaries of the states to enhance their competitiveness and be part of the world to exchange vulnerability and influence it in this area.
The challenges facing most economies in the world today are identical and similar, and are concentrated mostly on the creation of a favorable climate and a catalyst for the growth of private sector investments and increase the opportunities to participate in the development of the national economy.
Among global figures to address the three-day event include Dow Chemical Company President and CEO Andrew N. Liveris, Professor Dong-Sung Chao of Seoul National University and Boston Consulting Group Chairman Hans-Paul Burkner.