International Journal of Emerging Research in Engineering, Science, and Management
Vol. 3, Issue 3, pp. 34-39, July-Sep 2024.
https://doi.org/10.58482/ijeresm.v3i3.6

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The Impact of Sustainable Trade Practices on Economic Transformation in Saudi Arabia: Lessons for Developing Economies

Sanjeevni Gangwani

Professor, WeSchool, Prin. L. N. Welingkar Institute of Management Development & Research, Mumbai, India.

Abstract: The trade practices in Saudi Arabia include farming, date exports, and trade generated by pilgrims. There was less economic growth. However, the oil exports and earnings from the oil sector generated funds for economic development, which helped international trade to flourish in the Kingdom of Saudi Arabia (KSA). The present study sheds light on the economic transformation of the KSA due to its sustainable trade practices. A qualitative methodology approach of the resource-based view was carried out in the international context. The present study discussed KSA’s initiatives to boost international business, including the Future Investment Initiative and the creation of small and medium-sized enterprises (SMEs). The study will evaluate the international business practices and economic transformation in KSA. This study will present the Saudi business environment and the government’s contribution to the country’s economic transformation.

Keywords: Economic Transformation, International Business Practices, Saudi Arabian government, World Trade Organization.

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