Analysts widely agree that the 15th session of the G-20 summit chaired by the Kingdom of Saudi Arabia was an exceptional event in every respect for the kingdom and its entire region. For the first time, an Arab country was to preside over the world’s largest and most influential economy group. The summit also highlighted Saudi Arabia’s position and strategic weight as an influential force in international economic policy making.
Due to the circumstances of the COVID-19 outbreak, the G20 was held virtually this year, much like all the global meetings scheduled in recent months, such as the UN General Assembly meetings that took place virtually last September. This specificity of the moment gave the summit great importance as the global economy faces huge challenges.
For Saudi Arabia to chair the summit meant that the voice of the region’s countries and nations was present at the largest international economic forum, which accounts for about 85 percent of the global economy.
Before this global event was scheduled online due to the current global health situation, choosing the Kingdom to host it was a global vote of confidence in the country’s international strategic weight in the economic, political and social fields.
By virtue of its development orientations and qualitative transformations, economic, social and structural investments and modernization plans, particularly to meet the ambitious objectives of Vision 2030, Saudi Arabia has indeed become a promising economic tiger.
It has emerged as an inspiring model for regional and global countries in terms of economic transformation and investment, something that enhances the influence of the Saudi economy.
The G20 summit was the time to rediscover the Kingdom’s capabilities in both the economy and investment. These capabilities follow the achievements of Saudi Arabia’s wise leaders, under King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz.
The kingdom is witnessing a huge and unprecedented breakthrough in planning, construction and development paving the way for the post-oil era. Such a breakthrough has laid the foundation for a solid investment base geared towards a diversified economy that will enhance the kingdom’s regional and international influence.
Saudi Arabia, indeed, fulfills a global economic role. This is a fact not only because of its immense religious and spiritual weight at the global level, but also because of several other characteristics, including boasting the world’s largest oil reserves and the largest export power of this strategic product for the international economy.
The kingdom is also the fifth largest natural gas producer worldwide. It ranks as the world’s third largest natural resource producer. It comes seventh according to the G20 global competitiveness standards.
The country has a significant impact on regional and international stock exchanges and financial markets. It attracts about 70 percent of foreign liquidity to the Middle East. Last year saw the largest foreign investment increase in the last decade.
Foreign investment, attracted by Saudi markets, last year increased by 54 percent over the previous year, marking a major qualitative change for the Saudi economy, with the broadening of the investment base and the reduction of dependence on oil.
The largest Arab economy is now a rallying point for international companies in various sectors seeking opportunities, after removing all restrictions on foreign investment, a goal of Vision 2030. Along with Saudi Arabia’s promising ambitions, Saudi leaders are looking to make a serious effort to support global economies as they emerge from the fallout of the coronavirus epidemic.
Now, the world needs tireless work and genuine support to bring together views, strengthen cooperation and coordinate efforts so we can work together to deal with this global economy crisis. Collective confrontation is a matter of limiting the damage that affects both large and small economies.
Since the kingdom took office last December, Saudi leaders have been committed to promoting global consensus and working with partners to tackle future challenges. These challenges are exacerbated by the coronavirus epidemic, which has sent shockwaves and losses throughout the global economy.
The theme of the summit, “Realizing 21st Century Opportunities for All,” and its related goals, which focus on empowering people, preserving the planet and shaping new horizons, were all objectives the Kingdom seeks to accomplish in cooperation with partners to foster a secure and stable global economy.
The summit was also a valuable opportunity to build trust and partnerships between the Kingdom and major economies. These economies will find great investment opportunities in Saudi Arabia’s major development projects that will help them get out of their hitch.
Saudi Arabia has confirmed its efforts to find innovative solutions that will help the global economy overcome hardships and seek effective ways to support industry and promote international trade as a catalyst for development and growth in these harsh times.
Suffice it to say that the Kingdom has set a good example in meeting the challenges of the coronavirus epidemic. This has been done thanks to an intelligent strategy to fight the epidemic, which experts and specialists from around the world have testified to. It is also thanks to continuous development despite these constraints.
The Global Competitiveness Report 2020 indicates that the Kingdom’s ranking has improved in many key areas, including economic performance (the Kingdom moved from 30th to 20th place), business efficiency (the Kingdom moved from 25th to 19th place) and infrastructure, in which the Kingdom moved up two places. Through such progress, the Kingdom now ranks 10th in the world in economic resilience.
Despite the challenges triggered by the outbreak of the coronavirus pandemic, Saudi Arabia moved up from 26th to 24th place among the 63 most competitive countries in the world, two more than last year.
The G-20 summit chaired by Saudi Arabia was a true mirror of the kingdom’s strategic position at the regional and international stage. It was also a new impetus for the Kingdom to cement this position, which will yield worthwhile results for our Gulf and Arab region.
