Khalid Al-Falih, the minister of investment for Saudi Arabia, emphasized digital infrastructure and technological change’s role in a country’s success and prosperity. Considering its political and economic power, Al-Falih asserts that Saudi Arabia is important to the G20.
Saudi Arabia’s investment minister told the Saudi Press Agency that his ministry’s attendance at the G20 conference in India highlights the Kingdom’s interest in stimulating mutual investments worldwide and showcases its unique investment environment.
At the meeting, which runs from September 9 to 10, Khalid Al-Falih stated that a large governmental delegation will be in attendance. Mohammed bin Salman, the crown prince leading an agenda with international economic and developmental dimensions, is in charge of the mission.
Saudi Arabia is a significant G20 member because of its political and economic influence, ability to influence global economic policymaking, and its pivotal role in ensuring the stability of global energy markets, according to Al-Falih.
He emphasized the significance of technical development and digital infrastructure concerning a country’s progress and prosperity. The Kingdom has secured high rankings in global quality of life, digital infrastructure quality, and digital transformation.
Additionally, it has improved its standing in the world in the area of digital government and reached historically high rankings in the e-government development index, as it was rated 31st in 2022, up 12 places from 2020.
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Furthermore, the Kingdom received a 2022 Telecommunications Infrastructure Indicator score of 27 out of 193 states. It has all been made possible by the efforts to position the Kingdom as a global leader in providing digital services.
Saudi Arabia placed sixth for economic performance in the 2023 Global Competitiveness Index and thirteenth for business efficiency in the IMD World Competitiveness Ranking. Regarding global competitiveness strategies, the Kingdom has emerged as one of the best nations in the world, according to Al-Falih.
He further stated that the Kingdom has proven itself through effective contributions when it comes to promoting cooperation and working with all member states to implement the reforms needed by the global financial system, ensure the stability of financial markets, strengthen control measures, promote risk management measures, apply integrity and transparency standards, support future investment processes, and promote partnerships in the field of investment.
The Saudi Arabian government’s desire to guarantee the expansion and stability of the world economy led to this. As the G20 Summit has already been held, Saudi Arabia is gearing up to attract new investments to the country, according to a recent statement by Al-Falih. The Kingdom recognizes the importance of foreign investment in boosting its economy and creating job opportunities for its citizens.
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