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  • Sheryll Mericido

King Salman and Crown Prince Mohammed lead Saudi Arabia's global initiatives

Riyadh, September 10, 2023, Under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Kingdom is a promising global powerhouse, playing a significant and influential role in international initiatives aimed at achieving global economic stability, development, and sustainability, Minister of Economy and Planning Faisal bin Fadhil Alibrahim said. Speaking to the Saudi Press Agency (SPA) about the Kingdom's participation in the two-day G20 Summit, which began on Saturday in New Delhi, the minister said that the Kingdom is exerting significant influence in creating a global economic order that can support sustainable growth while defending the interests of all countries. Additionally, he noted that the Kingdom's participation in the G20 is evidence of its economic significance and crucial role in influencing international economic policy, noting in this regard the Kingdom's achievements in economic development.

According to the minister, the Kingdom is showing good economic and financial performance, with non-oil operations expanding by 6.1% in the second quarter of this year compared to the same quarter last year, demonstrating the effectiveness of Saudi Arabia's attempts at economic diversification.

Furthermore, he claimed that the Saudi economy grew at the quickest pace among the G20 nations in 2022, at 8.7%, above the maximum 8.3% growth rate predicted by international organizations.

According to the annual Global Competitiveness Report by the World Competitiveness Center (WCC) of the International Institute for Management Development (IMD), the minister claimed that the Kingdom had made significant improvements in global competitiveness indicators, placing 17th out of the world's 64 most competitive economies.

Furthermore, he said that Saudi Arabia topped other worldwide indices and held the top three spots in 23 indicators included in the report, highlighting the Kingdom's continued reform journey.

"The Kingdom's involvement in the G20 Summit demonstrates its significant and important role on both the regional and international fronts. Two-thirds of the world's population, 85% of the world's GDP, and 75% of global trade are comprised of the G20 nations. As a result, the summit is one of the most important venues for discussing issues with a substantial bearing on the world economy, according to the minister.

He also emphasized that the summit's agenda aims to strengthen global cooperation and foster an atmosphere that would enable the achievement of shared goals. Meetings, according to the minister, assess how well the 2030 Sustainable Development Goals (SDGs) are being implemented while taking into account the needs of developing nations' economic development.

According to him, this is accomplished by appropriately addressing current affairs and common problems and helping to build ambitious and cohesive global communities.

The minister also emphasized that the Kingdom is seeking agreement in order to find answers to the world's problems since it has advocated for the creation of a comprehensive framework that strengthens alignment between the SDGs and the needs of rapid growth.

Additionally, he stressed, "Through our diligent work with our partners in the G20, we are confident that we will overcome global economic challenges and emerge with a more resilient global economy to face any future shocks."

"International cooperation among G20 countries is not limited to coordinating efforts in the economic and developmental fields alone; it also aims to find innovative solutions to address environmental, health, and social development issues, empower people and communities, and open new horizons for innovation and digitalization," he said in conclusion. The Saudi Vision 2030 mirrored these objectives, establishing the Kingdom as a promising and significant developmental model on the international stage.

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