Business 20 (B20), the G20’s engagement group that represents the global business community, is holding its annual summit on Monday and Tuesday this week. Never has the B20 been more important than it is this year, in the face of the severe economic downturn caused by the COVID-19 pandemic— which began just as Saudi Arabia assumed the presidency of the G20.

Under the leadership of chairman Yousef Al-Benyan, the vice chairman and CEO of Saudi Basic Industries Corporation, the B-20 has worked tirelessly with the G20 to get ahead of the economic hardships caused by the pandemic.

It has emphasized efforts that target healthcare, supply chains, and the financial system, especially to safeguard small and medium-sized enterprises, while not forgetting also to retain a focus on compliance and integrity, areas that often fall by the wayside in the face of an economic crisis.

The theme of the B20 is “transforming for inclusive growth,” which is particularly important given how global inequalities have been exacerbated by the health crisis.

The B20 has six task forces that deal with issues surrounding digitalization, sustainable energy and climate, finance and infrastructure, the future of work and education, integrity and compliance, and, last but not least, trade and investment.

As the chair of the B20 this year, Saudi Arabia is particularly proud to have ensured the inclusion of women as a key focus of its work though the Women in Business Action Council. This goes hand in hand with the B20 theme of transformation to encourage inclusive growth, and also with the theme of the Saudi G20 presidency, which is to realize the opportunities the 21st century for the benefit of everyone, with a particular focus on women and youth.

Saudi Minister of Investment Khalid Al-Falih read a thoughtful and pertinent welcoming address by King Salman at the summit.

Qantas chairman Richard Goyder, who chaired the 2014 B20, said that there had never been a more important time for businesses to show leadership, given the enormous challenges posed by the pandemic and climate change.

Al-Benyan stressed that we need to find global solutions that will create collaborative and inclusive growth.

The main lesson to be learned from the pandemic is that protectionism and populism are not the way forward — collaboration is. This view was supported by Markus Wallenberg, chairman of Saab AB.

Al-Benyan also pointed out that businesses can no longer focus solely on satisfying shareholders, but must also consider stakeholder management; hence the focus on inclusivity.

The pandemic has shown how businesses can lead the way by adjusting quickly to global needs: when the pandemic began to escalate, for example, automotive companies began manufacturing ventilators, and other industries similarly realigned production to meet growing health-care needs.

European Investment Bank Chairman Werner Hoyer highlighted the devastating effect the pandemic has had on equality — the World Bank estimates that an additional 88 million people have fallen into extreme poverty as a result.

He also said that climate change and environmental degradation remain just as important as they were before the global health crisis. He added that every dollar invested in economic recovery needs to remedy the growing inequalities caused by the pandemic, while at the same time placing sustainability at the core of the recovery. These goals cannot be achieved by governments or multilateral agencies alone, but require the participation of the private sector.

Former UK Prime Minister Gordon Brown kicked off a session on the future of multilateralism with a rousing and impassioned speech during which he stressed the need for equal access for all to COVID-19 testing and vaccines, rich and poor alike. He said that when moving from economic stabilization to recovery, global coordination of fiscal policies will be key to ensure maximum benefits.

This was a lesson he learned in the aftermath of the financial crisis, when he was the UK PM and hosted the G20 Summit. In this context, the debt relief provided to the poorest countries, advocated by the International Monetary Fund (IMF)/World Bank and supported by G20 finance ministers, was crucial and amounted to trillions of dollars.

The main lesson to be learned from the pandemic is that protectionism and populism are not the way forward — collaboration is

Cornelia Meyer

Brown also favors providing the IMF with additional Special Drawing Rights worth $1.2 trillion, in two tranches, to give the organization the resources it needs to deal with the global economic fallout from the pandemic. He said the “us versus them” mentality is dangerous, and advocated for free and fair trade.

He called for the development of a fit-for-purpose multilateral system to deliver on global targets such as the UN sustainable development goals. He added that growth has to be shared if it is to be sustained in the long run.

IMF Managing Director Kristalina Georgieva praised the international cooperation that has taken place between multilateral institutions and countries during the pandemic. The IMF alone has provided support to more than 80 countries, and in the past six months the total financial support provided by nations to the global economic system is twice the amount that was provided in the two years after the financial crisis. The pandemic has proved that multilateral cooperation is important and leaders must, therefore, work to re-establish trust in the multilateral system.

Mukhisa Kituyi, secretary-general of the United Nations Conference on Trade and Development, advocated a new system of multilateralism to take into consideration trends, such as partial localization of supply chains and consumer bases, that offer opportunities for new forms of collaboration — particularly South-South cooperation.

He said that the pandemic has revealed how interdependent the peoples of the world are, adding: “We belong together and solutions can only be multilateral solutions.”

Roberto Azevedo, who stepped down as secretary-general of the World Trade Organization (WTO) in August, highlighted a need to change public perception of national governments and multilateral organizations, so that people will support the system. To that end, multilateral organizations must become more inclusive and listen to a multitude of stakeholders. He was pessimistic about the chances of the geopolitical situation changing much, however, which was rather sobering.

Indonesian Finance Minister Sri Mulyani Indrawati said that she is a strong believer in the multilateral system, and the unrivaled convening power of multilateral organizations. She warned, however, that international organizations need to ensure that information is disseminated accurately in the face of new communications technologies.

She emphasized the need for the new WTO director-general, who is expected to be named next month, to steer the organization toward greater acceptance among member countries, a need that probably holds true for most international organizations.

The first day of the summit was a masterclass in understanding that we — the world — are all in this — the economic fallout from the pandemic — together. This year’s B20 has done an excellent job in highlighting the nexus between business, nation states and multilateral organizations.

The world faces humongous challenges: not only a global health emergency, the resulting recession and rising inequalities, but also other overarching issues such as the achievement of the UN’s Sustainable Development Goals and climate change.

• Cornelia Meyer is a Ph.D.-level economist with 30 years of experience in investment banking and industry. She is chairperson and CEO of business consultancy Meyer Resources. Twitter: @MeyerResources