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FINANCIAL NEWS
Saudi Arabia ranked 13th on global competitiveness index
14 Dec 2010
(MENAFN) Global competitiveness indicators set by the International Finance Corporation (IFC), a World Bank affiliate, placed Saudi Arabia in the 13th position among 135 countries in comparison with the 67th position four years earlier, Arab News reported.
More than one factor contributed to this achievement. New institutions such as the Saudi Arabian General Investment Authority (SAGIA) were established. SAGIA provided tax reductions to foreigners and Saudis based on how much knowledge and job opportunities the investor created. Economic cities were established. In addition, according to United Nations Conference on Trade and Development (UNCTAD), Saudi Arabia comes in the 14th place in the foreign direct investment (FDI) sector.
This gives the Kingdom a good chance to achieve its vision of becoming one of the top ten competitive countries in business. This vision was exclaimed upon previously, but after the new results, it does not seem very unlikely.
It is worth noting that the current top ten include: Switzerland, Finland, Sweden, Denmark, Singapore, US, Japan, Germany, Netherlands and the UK.
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