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    Minister Al-Falih: Global economy’s center of gravity moved to Global South


    Sep 11, 2023

    Saudi Gazette report

    NEW DELHI — Saudi Minister of Investment Khalid Al-Falih reaffirmed that the center of gravity of the global economy has moved to the Global South and Saudi Arabia and India are key anchors of the Global South.

    In remarks made during the India – Saudi Investment Forum in New Delhi on Monday, Al-Falih said that the Kingdom will not repeat what it did in the past decades. “We cannot do in this decade and next decade what we did in the past decades where we waited for the multinational companies from the northern hemisphere to come and invest in our countries. I think we have to think of a new model and our leaders know this matter and they are taking the bull by the horns,” he said.

    Al-Falih said that Saudi Arabia and India are blessed with many things. “One of the most important blessings is that we have two of the world’s most energetic, effective and visionary leaders – Crown Prince Mohammed bin Salman and Prime Minister Narendra Modi. When they talk, you can see 10 steps ahead.

    The minister noted that Prime Minister Modi was very supportive of the Crown Prince’s efforts to join the BRICS group. “It was not just talk and joining the BRICS was not just for the sake of joining because we realized that while going forward, the center of gravity of the global economy has already moved to the Global South and I think we are a key anchor of the Global South,” he added.

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