Saudi Gazette report

RIYADH — Minister of Investment Khalid Al-Falih said that Saudi Arabia's accomplishments in the investment sector over the past ten years are exceptional. He said that foreign direct investments have quadrupled while jobs in foreign investment companies have jumped by 40 percent during this period.

The minister made the remarks while attending a panel discussion at the second edition of the Human Capability Initiative (HCI) Conference at the King Abdulaziz International Conference Center in Riyadh on Sunday. The conference, with the theme "Beyond Readiness," is being held under the patronage of Crown Prince and Prime Minister Mohammed bin Salman, who is also chairman of the Human Capability Development Program (HCDP) Committee.

In his address, Al-Falih noted that foreign investment licenses have increased by 9 to 10 percent. "The number of regional headquarters for these companies has also increased significantly, and these are all very positive indicators for Saudi Arabia," he said.

The minister said that there is a dual focus in Vision 2030, as Crown Prince and Prime Minister Mohammed bin Salman heads the Human Capability Development Program, making it a priority for him, apart from his focus on investment.

Al-Falih pointed out that investment and education are intertwined, and that there are massive investments in the education sector. "Developing human skills in the education sector, as well as executive programs, and the vocational sector are the most important investments in the Kingdom. Investment leads to skills development, which in turn impacts universities and vocational education institutions, and investors are aware of these market indicators, and this cycle continues in the Kingdom," he pointed out.

Al-Falih underlined the need to ensure that human development keeps pace with the labor market. "It is important to provide people with the ability to continue updating their skills, as the world is changing very rapidly, and what people learned in the past may no longer be relevant. This is where companies play a role in skills development, and schools must be monitored to ensure they are building a resilient personality with the ability to be flexible and constantly mobile," he said.

Al-Falih pointed out that preparing for the labor market, keeping pace with it, and being ready for it is not the sole responsibility of education, but rather a collective responsibility of parents, youth, companies, and existing partnerships. "People are the focus and essence of this matter, regardless of the development of artificial intelligence and other similar developments," he added.

More than 300 prominent leaders, policymakers, and global experts from academia, the private sector, and non-profit organizations, including delegates from 38 countries, are taking part in the conference.

Minister of Education and HCDP Executive Committee Chairman Yousef Al-Benyan said that the second edition of the conference underscores the Kingdom's leading role in the global conversation surrounding the future of human capacity development.

The conference program features more than 100 dialogue sessions across four key platforms, aimed to facilitate the exchange of experiences and explore leading practices for enhancing human capacity to adapt to rapid global changes.

Participants will also examine critical future trends, with a focus on innovative models for empowering individuals and communities and strengthening collaboration among the public, private, and non-profit sectors to develop sustainable and impactful solutions.

The HCI Conference will host a variety of significant events, including a ministerial roundtable with the participation of 20 ministers from around the world and a meeting of the UNESCO Executive Board. Several agreements and launches related to human capacity development at both local and global levels are also scheduled to conclude on the occasion.