A senior Saudi Aramco official estimated the value of supply chain and logistics sector to be more than four trillion dollars of the world’s economy.

Under the patronage of Transport Minister Dr. Nabil al-Amoudi, the two-day second Supply Chain and Logistics Conference took place on Monday in Riyadh.

This year’s conference is attended by a number of officials, decision-makers, and experts from major local and international companies involved in the supply chain and the logistics sector.

“The role played by the supply and logistics sector has gained increasing importance in both scope and value,” said Saudi Aramco’s Senior Vice President of Operations and Business Services Mohammed Saggaf.

“The sector now represents about $4.3 trillion of the world’s economy. It impacts other industrial, commercial and service sectors and has adopted many new advanced technologies,” Saggaf explained.

“The Kingdom enjoys several competitive advantages, including its prime geographic location between three continents, a pro-investment fiscal regime, a stable currency exchange environment, and competitively-priced and abundant energy feedstocks and minerals,” he added.

Saggaf praised the relevant government entities, such as the Ministry of Transport, along with the private sector, for their efforts in developing this sector even further.

He pointed to the great opportunities in the supply chain and logistics sector, which will intensify efforts and cooperation in many fields and elements of empowerment.

These opportunities include adopting artificial intelligence and technical innovations, boosting trade procedures and operations, enhancing B2B, developing cluster applications in the transport sector and enhancing human resources.

The Conference aims at leveraging Saudi Arabia’s prime geographic location for optimal import and export traffic among Asia, Europe and North Africa closely in line with Vision 2030, the National Transformation Program 2020 and Saudi Aramco’s efforts to enhance economic diversification and build local content.

It explored progress and opportunities in streamlining import and export processes, reforming government structures and regulations, and enhancing public-private partnerships.

Saudi Aramco presented three technical papers covering logistics performance, supply chain and cyber-security, and Saudi Aramco’s localization program IKTVA.

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