According to the annual report by the UN Conference on Trade and Development (UNCTAD), foreign direct investment flows to Saudi Arabia saw a 7% increase to $4.6 billion due to the country’s reform initiatives directed towards diversifying the economy and improving the overall investment climate. UNCTAD’s findings align with the Ministry of Investment’s quarterly report, which disclosed that 348 foreign licenses were issued in Q1 2020, a 19% increase compared to the same period last year and 20% increase compared to the last quarter. The report also evaluated countries’ performance and response plans to the COVID-19 pandemic and identified policy recommendations based on best practices by investment promotion agencies, in which COVID-19 Response Center, formed by the Ministry of Investment, was labeled as an example of best practices in minimizing the economic impact of the pandemic.
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