Saudi Investment Minister Advocates for Global Cooperation

digital currency H.E. Khalid A. Al-Falih, the investment minister of Saudi Arabia, proclaimed that the nation has transitioned from being an emerging player to a pivotal force in shaping the future of the global economy—and that future hinges on cooperation.

Addressing attendees at the Fortune Global Forum held in Riyadh, Al-Falih pointed out that the rapid advancements in technology, shifts in trade policies, and the emergence of new markets in the Global South have triggered significant transformations. He emphasized that both nations and businesses must adapt to this evolving landscape, noting that "the very foundations of global business are being shaken, in a way, and being rewritten before our own eyes."

However, he expressed concern over the rise of protectionist measures, viewing them as a hindrance to progress.

“In my view, no nation or company can achieve resilience in isolation. The true advantage lies in what we would call connected resilience, rather than isolated resilience,” he articulated.

The Trump administration's imposition of a 10% "baseline tariff" on Saudi Arabia has had its repercussions, alongside even higher tariffs levied on other trading partners. Most recently, President Donald Trump enacted an additional 10% tariff on Canada as retaliation for an anti-tariff advertisement broadcast by Ontario, featuring former President Ronald Reagan.

Al-Falih asserted that Saudi Arabia has made collaboration a cornerstone of its strategy. Over the past decade, under the Vision 2030 initiative led by Crown Prince Mohammed bin Salman, the country has seen a remarkable increase in non-oil economic activities, which now constitute 56% of its economy, up from less than half when the initiative was launched in 2016. During the same period, the overall economy has expanded from $650 billion to approximately $1.3 trillion, unemployment rates have dipped below 7%, and women's participation in the workforce has doubled.

Mastering Adaptability: Unlock Your Business Potential Highlighting these achievements, Al-Falih presented the kingdom as a thriving economic player that now stands as a prime destination for investment and a catalyst for growth, both regionally and internationally.

Looking ahead, Saudi Arabia aims to establish itself as a significant player in the age of artificial intelligence. The kingdom's investments in both traditional oil and renewable energy are set to facilitate the development of a "global hub for data centers, cloud computing, and AI-driven industries."

“We’re not simply waiting for the future to arrive. We’re building it today, not alone, but together with our global partners,” Al-Falih concluded.

This article originally appeared on Fortune.com.