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  • Steve Halor

Dr. Majid Al-Qasabi attended G20 Trade and Investment Ministers' meeting in Jaipur

Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade, made a notable appearance at the G20 Trade and Investment Ministers' meeting in Jaipur, India. The highly anticipated event took place on August 24–25, 2023, and brought together influential figures from around the world to discuss matters of global trade and investment.

In a session focused on "Trade for Growth and Prosperity and WTO Reforms," the speaker delved into the impact of reforms on the Saudi economy, specifically in relation to the ambitious Vision 2030 initiative. This initiative has set forth significant measures to enhance the integration of the Saudi economy both regionally and globally. The speaker highlighted the remarkable growth of the Kingdom's foreign trade, which reached a staggering $172 billion in just one year. Additionally, the volume of non-oil exports experienced a substantial increase of 40% between 2018 and 2022, reaching a total of $28.7 billion. Furthermore, the Saudi Export-Import Bank played a crucial role by providing loans amounting to $4.6 billion. In a recent statement, the minister revealed that the Kingdom's small and medium enterprises (SMEs) have achieved a significant milestone, with their total count now standing at an impressive 1.2 million. These enterprises have emerged as a major contributor to the job market, accounting for a staggering 80% of all employment opportunities. Moreover, the minister highlighted the remarkable growth witnessed in the realm of e-commerce, with an annual surge of 33% recorded between the years 2016 and 2022. This surge in e-commerce activity further underscores the Kingdom's commitment to embracing digital transformation and fostering a thriving business ecosystem.

In a recent statement, Dr. Al-Qasabi, a prominent figure in the Kingdom, emphasized the significant progress made by Saudi Arabia through its comprehensive reform efforts in recent years. These reforms have had a profound impact on the country's competitiveness, as evidenced by its impressive second-place ranking among G20 nations in terms of digital competitiveness, according to the esteemed Digital Riser 2021 report. Additionally, Saudi Arabia has secured a commendable sixth-place position in the "Agility" index for emerging markets in 2022, outperforming 50 other emerging countries. These achievements underscore the Kingdom's commitment to fostering a dynamic and forward-thinking environment.

In a recent statement, the minister emphasized the impressive achievements of the Kingdom, revealing that it secured the 17th position out of 64 countries in the highly regarded World Competitiveness Yearbook (IMD) report for the year 2023. Additionally, the Kingdom proudly claimed the 38th spot out of 138 countries in the esteemed Logistics Performance Index for the same year. These rankings serve as a testament to the Kingdom's commitment to enhancing its global competitiveness and solidifying its position on the international stage. India is set to host this year's highly anticipated G20 meetings, which will revolve around the theme "One Earth, One Family, One Future. The overarching objective of these meetings is to foster the creation of a robust and prosperous global economy.

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