Globalization effects on the Economy and International business of Saudi Arabia
Globalization has affected the economy and international business of Saudi Arabia, which for many years, has not opened up, has proved inaccessible nation to global markets. The opening up of the nation to foreign investors in sectors, for example, trade, insurance, education, and technology has greatly affected its economy (Ramady, 2010). In the education sector, as a result of trading, its oil in the global market has seen the people in the country migrating to Europe and the united states to seek higher education and basic and, in effect, bring US retailers into the country. Foreign investors have flocked the country to put up investments, which has seen the country make huge strides in development because of expertise injected into the wheels of the economy. Equally, Saudi Arabia has entered into the international markets to exploit the business opportunities; hence has benefited the foreign direct investment and skills mixture.globalisation has brought the aspect of westernization has brought empowerment, especially to women who were previously not empowered and can now work.
Saudi vision 2030 has transformed economic barriers to influence more companies to come and trade in the country. The Saudi government is putting efforts to liberalize its conservative society and diversify its economy, which has majorly rely on oil. The government vision 2030 pursues and supports women’s rights, and therefore, the women who are hired will increase, making more companies with women employees to come into the country to operate without any discrimination, for example, the law barring them from driving. The vision 2030 also solicits for foreign investment, which will greatly influence more companies to come and invest in the country (Hubbard & Kelly, 2017).
References
Hubbard, B., & Kelly, K. (2017). Saudi Arabia’s Grand Plan to Move Beyond Oil: Big Goals, Bigger Hurdles. Retrieved 23 January 2020, from https://www.nytimes.com/2017/10/25/world/middleeast/saudi-arabias-grand-plan-to-move-beyond-oil-big-goals-bigger-hurdles.html
Ramady, M. A. (2010). The Saudi Arabian economy: Policies, achievements, and challenges. Springer Science & Business Media.