Rio de Janeiro, November 20, 2024 – Minister of Economy and Planning Faisal Alibrahim affirmed that the Kingdom of Saudi Arabia’s active involvement in international forums and its pivotal role as an influential partner within the G20 have been instrumental in shaping global policies aimed at enhancing economic stability and addressing development disparities between nations. In a statement to the Saudi Press Agency (SPA) marking the conclusion of the G20 Leaders' Summit, held on November 18-19, 2024, Alibrahim emphasized that the G20 remains a key platform for fostering international collaboration and driving the global economy toward more sustainable and inclusive growth.
Alibrahim highlighted that the member countries of the G20 share common development aspirations, striving to bridge gaps in economic development and contribute to achieving the United Nations’ Sustainable Development Goals (SDGs) at both regional and global levels. According to the Minister, these nations work in unison to strengthen international cooperation, build strategic partnerships, and leverage their collective expertise to tackle pressing global challenges. The G20's commitment to responding to these challenges with innovative, evidence-based solutions was underscored as an essential component in improving the quality of life for individuals and communities across the world.
In his statement, Alibrahim drew attention to the significant focus of the G20’s Development Working Group during Brazil’s presidency in 2024. Under the Brazilian leadership, the Group sought to address several critical global issues, especially those facing developing nations, such as reducing gender inequality, ensuring access to water, and providing basic services to underserved communities. He noted that the Kingdom of Saudi Arabia had taken a proactive stance in presenting a balanced and comprehensive approach to these challenges, one that aims to provide the necessary support and resources to help developing countries enhance their economic and social capabilities. The Kingdom’s approach focuses on fostering equal opportunity and enabling sustainable development across all sectors.
Empowering women, Alibrahim stressed, remains one of the Kingdom's most significant achievements. Saudi Arabia has made substantial strides in advancing gender equality and ensuring equal opportunity for women, particularly in the workforce. The Minister cited labor market statistics that show a remarkable 34.6% increase in female participation in the Kingdom’s labor force by the end of 2023. Women now represent 42.3% of middle management positions in Saudi Arabia, a testament to the country’s ongoing efforts to create a more inclusive and equitable society. Alibrahim credited these achievements to the Kingdom's regulatory reforms and innovative programs that have laid the groundwork for women’s empowerment and economic participation.
Further emphasizing the Kingdom's commitment to addressing global challenges, Alibrahim also highlighted Saudi Arabia's leadership in promoting water security. The Kingdom has played a central role in activating the G20 dialogue on water issues, a topic first launched during Saudi Arabia’s G20 Presidency in 2020. Alibrahim pointed to the Kingdom’s continued support for environmental initiatives, including the use of technology, research, and innovation to enhance the sustainability of water resources. He referenced the Global Water Organization initiative launched by His Royal Highness the Crown Prince in 2023 as a key example of Saudi Arabia’s dedication to ensuring access to clean water while addressing environmental sustainability.
Alibrahim also commended the Brazilian G20 presidency for its comprehensive approach to development, which included a framework built on national, financial, and knowledge pillars. The proposal emphasized the importance of enacting evidence-based policies, fostering innovative financial solutions, and facilitating the exchange of best practices among countries. This forward-thinking strategy aims to develop proactive measures that address both immediate and long-term challenges, ensuring that all nations, particularly those in the developing world, are equipped to navigate and overcome global obstacles.
Saudi Arabia’s ongoing commitment to structural reforms has played a significant role in its fiscal and monetary policies, social support systems, and targeted subsidy programs. Alibrahim noted the Kingdom’s active investment strategies, including its partnership with the Brazilian food company BRF, which focuses on environmental sustainability, social development, and responsible consumption. Furthermore, he mentioned the Kingdom’s collaboration with the World Economic Forum’s open innovation platform, Uplink, which works to advance environmental regulations, promote eco-friendly practices, and invest in innovative technologies that address the global challenges of sustainable development.
In closing, Minister Alibrahim reinforced that Saudi Arabia remains resolutely focused on its vision for a prosperous, sustainable economy capable of facing the ever-evolving global challenges. He reiterated the Kingdom’s commitment to working hand-in-hand with international partners to achieve sustainable development goals and foster an inclusive global economy that benefits all nations, ensuring a brighter future for future generations.