Role of digital technology key to development, says Al-Jadaan

Minister of Finance Mohammed Bin Abdullah Al-Jadaan emphasized the role that can be played by digital technology in encouraging long-term sustainable investments at a G20 Investor Forum here.

“G20 is playing an important role in increasing awareness on opportunities that can be provided by digital technology to long-term sustainable investments, Al-Jadaan said while discussing means of enhance cooperation between investors, founders, governments and influential world bodies to stimulate long term sustainable investments in G20 markets and all over the world.

The forum dealt with the role that stimulating policies, partnerships between public and private sectors, financial innovation in enhancing long term sustainable investments, discussions on challenges and obstacles facing these investments, and overcoming these challenges and obstacles.

Al-Jadaan reviewed the Kingdom’s efforts in reforms aiming to achieve the goals of Kingdom’s Vision 2030. He stressed that carrying out these policies supports sustainable economic growth. Speaking on KSA’s efforts in enhancing long term sustainable investments, Al-Jadaan said the PIF will play a basic role in diversifying the economy in conformity with Kingdom’s Vision 2030.

The minister’s comments at the forum were another indication of the growing stature of Saudi Arabi’s economy, with Chinese President Xi Jinping telling Crown Prince Muhammad Bin Salman that, “Stability in Saudi Arabia is the cornerstone for prosperity and progress in the Gulf, and China firmly supports Riyadh in its drive for economic diversification and social reform.”

The fact that China and other world powers lays such importance in energy cooperation, indicates that Saudi Arabia is a global leader in energy production and energy markets, and through Vision 2030, the Kingdom is prepared to become a hub for investment and technology development

While China’s backing reinforced the Kingdom’s status as a major economic player, Saudi Arabia’s participation in the G20 Summit confirms its global leadership, and the Kingdom’s important economic and security role in the international community. This was the recurring theme in the global leaders’ talks with the Crown Prince here.

The drive for economic diversification as a result of Vision 2030 has opened up new vistas for investments. Saudi Arabia is opening up to investment and tourism. In the years ahead, the Kingdom looks forward to welcoming tourists from many of its G20 partners.

The young Saudi population is also an asset that is sure to fuel the Kingdom’s growth and boost its status in the global economy. With one of the youngest populations among the G20 nations, more than 70 percent of the Kingdom population are under the age of 35, Saudi Arabia represents the future of the G20 with its young population.

Crown Prince Muhammad is overseeing a rapid transformation of the economy and global outlook toward the Kingdom with his visionary drives. Through Vision 2030, the Kingdom has focused on the empowerment of women and youth and has already achieved major strides in this regard.

Saudi Arabia has stayed in step with the global technological transformation by aspiring to become a leading nation in the Middle East in terms of technology development, as evidenced by a number of mega projects. The Kingdom has already taken significant steps towards technological transformation in government services and other areas.

On food security, the Kingdom has been a leading force on the issue of food security through innovation and the implementation of several agricultural programs, enabling the Kingdom to achieve food security, as well as share its own experience with other countries.

As the Kingdom plays a vital role in the global economy, it welcomes the opportunity to discuss important trade and investment issues with its G20 partners during this summit.