United States Secretary of Treasury Steven Mnuchin affirmedthat the Kingdom Vision 2030 is a transformational opportunity for the recoveryand development of the Saudi economy, adding that this vision is an importantplan and a great opportunity for the Saudi economy and market.
Mnuchin was speaking at the Future InvestmentInitiative 2019 Forum here on the topic of how capital markets can developthroughout the next decade.
His comments come following the upgrade of theSaudi Stock Exchange (Tadawul) to emerging market indexes early this year,seeing billions of dollars of investment flow into the Kingdom.
Sarah Al-Suhaimi, chairperson of the Saudi StockExchange (Tadawul), moderated the discussion on Wednesday.
During a session titled "Global Capital Markets"on the sidelines of 3rd edition of FII here, the US Treasury Secretary saidthat the Kingdom is on a right direction and there will be a wonderfulopportunity to develop its economy due to regulations and laws of the Saudigovernment, which will contribute to the development of its markets.
Global growth is slowing and has modestlyimpacted the United States, Mnuchin said, adding the US economy remained strongwith good capital inflows.
"There is no question that the globaleconomy is slowing down and that has had some modest drag on the USeconomy," he said. Mnuchin also said Europe needed to do more on thefiscal and regulatory side to maintain growth.