Saudi Arabia’s Investment minister Khalid Al-Falih has stated that the country’s infrastructure and transportation sectors are seeking to attract around $420bn in foreign investments over the next 10 years.

The minister made the remarks at the US-Saudi Arabia Business Leaders 2021 Virtual Forum. The two-day event was organised by the US Chamber of Commerce in Washington, according to a report by the Saudi Gazette.

Al-Falih encouraged US businesses to invest in Saudi Arabia as the Kingdom offered a variety of attractive opportunities across different sectors. He explained, “Saudi Arabia is opening up multiple new industries as an integral part of the Vision 2030 transformation, including clean energy, mining, mobility and logistics, tourism and quality of life, ICT, healthcare and life sciences & biotech.”

The minister also praised the role played by the G20 countries in mitigating the impact of the coronavirus pandemic on the global economy. “Swift actions taken by the Kingdom, the US, and others in the G20 have contributed to an enabling global economic and investment environment,” Al-Falih noted.

In addition, he highlighted the resilience of the Saudi economy in the face of COVID-19 related challenges and said that the Kingdom has taken effective measures that increased foreign investments by 40%.

He concluded by saying that the Kingdom is looking to establish and develop partnerships with green energy companies in the United States.