RIYADH: Saudi Arabia is participating in a key discussion in the third G20 meeting of finance ministers and central bank governors held in Gandhinagar from July 17-18 under the Indian presidency, covering crucial topics and supporting growth and safeguarding against downside risks.
Saudi Finance Minister Mohammed Al-Jadaan is heading the Kingdom’s delegation. He is accompanied by Saudi Central Bank Gov. Ayman Al-Sayari and other key officials from the ministry.
The G20 meetings cover the global economy and health, sustainable financing and infrastructure, international financial framework and global taxes in the financial sector.
The meet is expected to generate the same attention as the Saudi delegation to the G20 Young Entrepreneurs Alliance Summit in New Delhi, which concluded on July 15. The summit invited young innovators to expand their business into the Kingdom and join its flagship projects.
Prince Fahad bin Mansour, head of the Saudi G20 Young Entrepreneurs Alliance and chairman of Saudi Arabia’s Entrepreneurship Vision, led the delegation from the Kingdom.
He invited business owners worldwide to relocate, grow, or launch new ventures in Saudi Arabia through the summit’s strategic partner, the Kingdom’s investment brand Invest Saudi.
These partnerships will be key to the growth of the Kingdom, which is fast emerging as a sought-after economic destination.
According to the Switzerland-based International Institute for Management Development, Saudi Arabia ranked 17 globally out of 64 countries, becoming one of the top 20 countries for the first time in the World Competitiveness Yearbook 2023.
The annual report is regarded as a benchmark for a nation’s level of competitiveness. It evaluates and ranks countries according to how well they can control their competencies and produce long-term value.
“Navigating today’s unpredictable environment requires agility and adaptability. Countries that excel are building resilient economies, such as Ireland, Iceland and Bahrain,” said Christos Cabolis, chief economist at the IIMD’s World Competitiveness Center.
“The UAE, Saudi Arabia, Qatar and Singapore are also key examples of this,” added Cabolis.
Supported by Vision 2030, Saudi Arabia’s ascent was driven by significant progress in economic performance, government efficiency and business environment.
The progress helped the Kingdom surpass its G20 peers, including South Korea, France and India.