Saudi Arabia has jumped 17 ranks in the World Bank’ Logistics Performance Index (LPI) 2023, which allows it to attract more investments, and increase the volume of exports, imports, and international trade, experts told Asharq Al-Awsat.
The Kingdom’s progress in the international index came after achieving large leaps in several indicators, namely: logistical efficiency, tracking and tracing, timing, customs, infrastructure, and maritime freight.
Nashmi Al-Harbi, a logistics expert, told Asharq Al-Awsat that with unlimited empowerment and support from the government, Saudi Arabia will be able to reach the top ten positions, based on its development of the basic pillars of the LPI, namely: customs and ease of procedures, diversity, and transportation means, as well as facilities infrastructure, such as ports, airports, railways and land lines.
He also pointed to the initiatives recently launched by Crown Prince Mohammad bin Salman, including the establishment of four economic zones that are aimed at attracting major foreign investments and companies and creating many job and commercial opportunities for the local market.
For his part, Economist Nasser Al-Qarawi told Asharq Al-Awsat that the Kingdom’s jump in the LPI came as a result of a national strategic plan that seeks to transform the Kingdom into an international logistical business hub.
Saudi Arabia launched the National Strategy for Transport and Logistics Services, with the aim of increasing the sector’s contribution to the national GDP from 6 to 10 percent by 2030.
Minister of Transport and Logistic Services Eng. Saleh Bin Nasser Al-Jasser announced last week that Saudi Arabia has jumped 17 ranks in the World Bank’ Logistics Performance Index.
This jump was achieved within the support and empowerment of Crown Prince and Prime Minister Mohammed bin Salman, the minister said, adding that the system will continue, through the directives of Saudi Arabia’s leadership, to move forward to consolidate the Kingdom’s position as a global logistic hub, in accordance with the national strategy for transportation and logistics services.