Saudi Arabia to promote global economic integration for the benefit of all
Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim,
highlighted the Kingdom’s focus on fostering global economic integration and
adapting to evolving US economic policies during a panel discussion at the World Economic Forum (WEF) in Davos
on Tuesday.
A Longstanding Partnership
with the US
When asked by moderator Steve Sedgwick about US President Donald Trump’s
newly announced plans to maximize oil and gas production, Alibrahim emphasized
the resilience of Saudi-US relations, which have thrived for over eight
decad
es.
“The Kingdom is deeply integrated into the global economy. What we do at
home impacts not just the region but the world,” he said. Alibrahim assured
that Saudi Arabia remains committed to dialogue and mutual benefit, regardless
of shifts in US policy.
“We’ll need time to fully understand the new administration’s economic policies
and their implications,” he added. “Whether it’s deregulation, industrial
policy, or trade policy, it may take a year to gauge their long-term effects on
the global economy.”
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Alibrahim noted that economic integration and clear bilateral agreements are
critical for safeguarding the flow of trade, goods, and services.
Global Growth and New
Pathways
The panel addressed a projected global growth rate of 3.3% for 2025, lower
than the historical average of 4% over the past 30 years. Alibrahim highlighted
the importance of building social capabilities and investing in human capital
to spur growth.
“We’re transitioning into a new phase of globalization,” he explained. “The
sooner we define it, the clearer the pathways for growth will become.”
He pointed out that Saudi universities are actively gathering data to
identify emerging growth drivers and revitalize existing sectors, aligning with
the Kingdom’s Vision 2030 objectives.
Vision 2030: A Blueprint for
Resilience and Growth
Alibrahim underscored Vision 2030 as a transformative framework designed to
diversify Saudi Arabia’s economy, foster global partnerships, and strengthen
the private sector.
“Vision 2030 represents a long-term restructuring of our economy to make it
more resilient and ready for future growth,” he said. “It’s about leveraging
opportunities and shaping a more prosperous future for everyone.”
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The minister also emphasized the initiative’s role in enhancing global
economic integration and addressing emerging challenges.
A Collaborative Future
Alibrahim concluded by stressing the importance of collaboration in
navigating economic uncertainty. “The global economy is interconnected, and
shared challenges require shared solutions,” he said.
Saudi Arabia’s presence at the WEF in Davos signals its commitment to
fostering international dialogue and advancing its Vision 2030 goals,
positioning the Kingdom as a key player in shaping the global economic
landscape.
Source: Arab News
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