Saudi Arabia chairs G20: Challenges and hopes in the time of pandemic

The Kingdom of Saudi Arabia is a key player both regionally and globally, playing a key role in the stability of the world economy. The Kingdom is the largest economic power in the Middle East, with a population of over 32 million and an estimated land area of 2,150,000 square kilometers.

Its geographical location places it at the crossroads of 3 continents: Asia, Africa and Europe, where the flow of goods and products through the Red Sea is estimated to represent about 14% of world trade. In addition, 60% of European and 25% of North American oil needs from the Arabian Gulf pass through the same Sea.

For this reason, we firmly believe that the meeting to be held on November 21 and 22 of this year in our country within the framework of the G-20, is a unique opportunity to form a global consensus on international issues, involving the entire international community. At this summit, we will seek to redouble our efforts to support world trade and cross-border investment flows, and to promote the exchange of best practices that lead to economic diversification.

As we know, the G-20 is the most important global forum in the area of international economic cooperation, in which the world’s most developed and other developing countries are represented, with the aim of discussing economic, financial and social issues. Together, the G-20 member states account for about 80% of the world’s economic output, two-thirds of the world’s population and three-quarters of global trade.

Trade and investment are seen as the main engines of both growth and innovation and job creation. This requires an open and transparent public policy environment and a multilateral trading system based on clear and strong rules.

Last March and during the current presidency of the Kingdom of Saudi Arabia, a G-20 Summit was held as a matter of urgency and virtually because of the current situation. In its final communiqué, members made clear their commitment to protecting people’s lives, preserving their jobs, maintaining financial stability, supporting economic growth, and helping the poorest countries to overcome the consequences of the pandemic. This will be done by coordinating preventive health measures and funding scientific research to develop a vaccine against the new coronavirus.

In addition, to reduce the negative consequences of the pandemic, the leaders committed to create a united front and contribute about $5 trillion to the world economy at a time of global economic and financial stagnation. In this regard, the Government of Saudi Arabia pledged to contribute $500 million to support international efforts to combat the pandemic. Of these financial resources, $150 million will be allocated to innovation, $150 million will also be used for vaccination and immunization, and $200 million will be invested in relevant regional and international health programs.

It should be noted that the “Saudi Vision 2030” is closely linked to the core objectives of the G-20 in terms of focusing on economic stability, sustainable development, women’s empowerment, improving human capital and increasing both trade and investment flows. Because of this, the Kingdom of Saudi Arabia during its presidency of the G-20 will focus on seizing the opportunities of the 21st century for the benefit of all. This has three fundamental axes:

• Human empowerment: creating favorable conditions of employment for all people, especially women and youth.
• Sustain the planet by strengthening environmental, energy and food security policies.
• Adopt long-term strategies that allow for the sharing and extension of the benefits of innovation and technological progress to all.

Finally, we must mention that all of the above is possible only if emphasis is placed on improving the health sector, which is considered a fundamental instrument in creating a stable and prosperous economy. This topic is very much on the Saudi Arabian presidential agenda within the framework of the G-20.

Given the current situation regarding the COVID-19 pandemic, there is no doubt that the most advanced health systems have contributed positively and adequately to their societies, alleviating the consequences of the pandemic, while the less developed have suffered greatly due to the lack of health preparations.

As mentioned above, the Kingdom of Saudi Arabia is committed to working with all G-20 partners to develop and adopt measures and approaches that are innovative, providing comprehensive health coverage, based on digital solutions to improve the quality of health care.

Eid Aldhafeeri. Saudi diplomat and writer / The Diplomat.