Mnuchin: Vision 2030 is a transformational opportunity to develop Saudi economy

Mnuchin Vision 2030 is a transformational opportunity to develop Saudi economy

United States Secretary of Treasury Steven Mnuchin affirmed that the Kingdom Vision 2030 is a transformational opportunity for the recovery and development of the Saudi economy, adding that this vision is an important plan and a great opportunity for the Saudi economy and market.

Mnuchin was speaking at the Future Investment Initiative 2019 Forum here on the topic of how capital markets can develop throughout the next decade.

His comments come following the upgrade of the Saudi Stock Exchange (Tadawul) to emerging market indexes early this year, seeing billions of dollars of investment flow into the Kingdom.

Sarah Al-Suhaimi, chairperson of the Saudi Stock Exchange (Tadawul), moderated the discussion on Wednesday.

During a session titled “Global Capital Markets” on the sidelines of 3rd edition of FII here, the US Treasury Secretary said that the Kingdom is on a right direction and there will be a wonderful opportunity to develop its economy due to regulations and laws of the Saudi government, which will contribute to the development of its markets.

Global growth is slowing and has modestly impacted the United States, Mnuchin said, adding the US economy remained strong with good capital inflows.

“There is no question that the global economy is slowing down and that has had some modest drag on the US economy,” he said. Mnuchin also said Europe needed to do more on the fiscal and regulatory side to maintain growth.