2024-03-29, Fri.

Top Stories       Business       Culture & Life       Science & Technology       World

Lecture

Notification

 

NEWS > World


Saudi Arabia Is Creating a Global Model for Economic Resilience and Collaboration

Date: 2023-01-20

DAVOS, SWITZERLAND-- January 20, 2023 -- The rapid economic transformation of Saudi Arabia and its global role in bringing near-term stability while driving long-term transformation was the subject of a high-level panel on the third day of the World Economic Forum at Davos.

The session, titled “Saudi Arabia’s Transformation in a Changing Global Context”, featured four speakers from the Kingdom who offered their insights on how Saudi’s strategic investments, geopolitical bridge-building and industrialization are transforming Saudi Arabia into a beacon of economic optimism amid gathering macroeconomic challenges.

Her Royal Highness Princess Reema bint Bandar Al Saud, Saudi Arabia’s Ambassador to the United States of America, underlined the importance of the Saudi-US relationship.

“We are strategic partners, and we've stood by each other where it counts and where it matters. That’s not just good for the United States of America or good for Saudi Arabia, it creates a more stable world,” she said.

His Excellency Mohammed bin Abdullah Al Jadaan, Saudi’s Minister of Finance, heralded the economic reforms ushered in by Saudi Vision 2030, in providing a pathway for the region.

“Because we invested heavily in technology, we were able to seamlessly move from ‘actual’ to ‘virtual’ in sectors such as health and education,” Al Jadaan said. “Also, we saw inflation coming earlier than many people. While inflation in the world was above 8 percent in 2022, ours averaged below 3 percent.”

His Excellency Abdullah bin Amer Alswaha, Saudi’s Minister of Communications and Information Technology, highlighted how the Kingdom is a reliable partner for closing global divides powered by talent and technology, explaining what the Kingdom has done to “connect the unconnected” with the Non-Terrestrial Network Program exploring how space can deliver the internet to the 2.7 billion people who don't have access.

“To scale these solutions, we have laid out a roadmap with what we call the three Cs: common frameworks, collective action, and collaborative tools. We believe the Kingdom can be a global force for integration and a partner of choice for bridging these divides,” he said.

For his part, His Excellency Bandar Alkhorayef, Saudi’s Minister of Industry and Mineral Resources, pointed to the investment in the nation’s industrial sector and the focus on new sources of national wealth.

“We are aiming to create an agile, competitive, and sustainable industrial economy. The sector is designed to fulfil local demand and ensure resilience, but export is also key. We are creating an ecosystem that is enabling the private sector to invest in the right technologies that allow our production facilities to produce beyond the global average,” Alkhorayef said.

The panel also included Kristalina Georgieva, Managing Director of the International Monetary Fund, and Jane Fraser, CEO of Citi.

Georgieva said: “When I visited Saudi Arabia, I was incredibly impressed by the progress that the country has made in implementing Vision 2030 and becoming a bright spot for the world economy.”



 to the Top List of News

Socialization Dinner for Ambassadors of APO Members and Steering Committee on the APO Vision 2025 Monitoring and Evaluation
United for Bitcoin : 20+ Crypto Organizations Join Global Bitcoin Emoji Initiative
First Doses of BRUKINSA provided to Patients with Chronic Lymphocytic Leukemia in Low- and Middle-Income Countries Under Collaboration
From Commitment to Action: Mary Kay Releases Overview of Transformative Partnership to Advance Women¡¯s Entrepreneurship Globally
Kinaxis Teams Up with Non-Profit Leaders to Accelerate Social and Environmental Impact
Japan Hosted a Conference to Boost Ukraine¡¯s Economic Growth and Recovery
Monaco¡¯s Public Broadcaster Partners with SES to Launch New HD Channel

 

Luxembourg DoD Partners with SES and HITEC to Augment SATCOM Ground In...
New Research by Finnish Child Rights NGO Protect Children Reveals How ...
UAE's ATRC Launches Global Tech R&D Platform at WGS 2024: Allocates US...
Cirium: International Travel Resumes This Spring Festival to China¡¯s ...
Cirium Ascend Consultancy Soars to New Heights: Awarded ¡®Appraiser of...
Republic of Guinea Announces Groundbreaking Round Table of Donors Even...
The Kingdom Concludes Its Participation in WEF AM 2024 With Announceme...
WEF24: Saudi Ambassador to US says Kingdom prioritizing ¡®peace and pr...
Saudi Arabia to Host World Economic Forum Special Meeting in April 202...
Saudi Arabia Expands Partnership with World Economic Forum¡¯s UpLink P...

 

 

60, Gamasanro 27gil, Guro-gu, Seoul, Korea, e-mail: news@newsji.com

Copyright, NEWSJI NETWORK.