B20 in Saudi Arabia
Last week I was invited to participate in a workshop chaired by Yousef Abdullah Al-Benyan, who is CEO of Saudi Basic Industries Corp. (SABIC) and the president of the B20, a group of businessmen and CEOs representing the 20 countries of the annual G20 summit.
The G20 summit is a club made up of most of the world’s biggest economies. It was set up in 1999 with an aim to maintain international financial stability and economic progress. The idea is that by working together it can collectively improve global economies more effectively than countries can on their own.
The B20 is an integral part of the G20 process, representing the entire G20 business community. The mission of the B20 is to support the G20 through consolidated representation of interests, concrete policy proposals, and expertise. Furthermore, the B20 promotes dialogue among policymakers, civil society, and business at an international level.
Other engagement groups which are independent and comprise stakeholders from the international community include civil society (C20), labor unions (L20), scientists (S20), think tanks (T20), urban cities (U20), women (W20) and youth (Y20). They all will compile their recommendations on their areas of interest and these will be presented to G20 Leaders.
At previous B20 summits, representatives have developed joint recommendations and advocated specific policy actions across the G20 agenda.
In addition, the B20 usually organizes events and provides a platform for exchanges with governments and other stakeholders in the G20 process. Like the G20, the B20 is a process with activities and events during the year. I have had the opportunity to participate in B20 meetings; they are a great opportunity to meet global CEOs from the world’s leading 20 economies.
A lot of preparatory work has been done to date over five workshops for next year’s B20 summit. Participants from Saudi Arabia, and the other 19 countries, will have the opportunity to exchange ideas and compare notes, as well as highlight their competitive advantages. The outcome of these workshops and meetings will be compiled as recommendations to be added to the G20 agenda for confirmation and implementation by G20 leaders.
The Saudi Vision 2030 reform plan corresponds to the priorities of the G20, including achieving macroeconomic stability, sustainable development, women’s empowerment, enhanced human capital, and the increased flow of trade and investment. As a result the Kingdom has gained global confidence after announcing its vision.
It is an honor to represent the Saudi private sector at the next B20 summit. It is a chance for Saudi men and women to showcase the sophistication, skills and knowledge the Saudi private sector has acquired, its future contribution to the local economy under Vision 2030 and to the global economy as well.
Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group.