RIYADH: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said on Tuesday the Kingdom had tackled difficult structural changes at an incredible pace over the past seven years.

Speaking at the US-Saudi Investment Forum in Riyadh, Al-Jadaan said private investment as a percentage of gross domestic product could take decades, but Saudi Arabia was boasting growth in the private sector from 16 to 23 percent.

He added: “Saudi Arabia currently has the lowest unemployment rate in the country’s history with about 3.5 percent, and among the nationals the Kingdom achieved its target for Vision 2030 with the rate being 7 percent.”

Al-Jadaan also said there had been major structural changes regarding women’s empowerment.

He said: “Bringing half of your society to the productive part of the economy is significant and that drives a serious change. Moving from 17 percent of women participating in the workforce to 36 percent is a serious structural change.”

Meanwhile, the minister said the Kingdom’s target of 100 million tourists by 2030 had been achieved two years ago, and added: “When you have a leadership that sets a clear vision and mobilizes the nation behind it, the people of Saudi Arabia then own it and see that this is their vision, their country and their transformation.”

US Secretary of the Treasury Scott Bessent said the US prioritized its relationship with Saudi Arabia.

He added: “President Trump’s economic agenda focuses on three parts: trade, tax bills and deregulation.”

Bessent said the US was working to rebalance its economy with the focus on manufacturing, and hoped China would shift to a consumer economy.

Saudi Arabia’s Minister of Investment Khalid Al-Falih welcomed attendees at the event and thanked the Kingdom’s leadership for hosting the event. 

“We are here to realize the intentions of Crown Prince Mohammed bin Salman to broaden Saudi Arabia’s investment and trade in the amount of $600 billion,” he said.