https://arab.news/5bydj
- Saudi delegation to B20 led by CEO of Saudi Basic Industries Corporation
- Next Saudi-India high-level council meeting scheduled to take place in India soon
NEW DELHI: Saudi businesses were enriched by discussions held at the Business 20 Summit in India, the chief of the Kingdom’s delegation told Arab News on Sunday as he highlighted the relevance of various global topics to Saudi Arabia’s diversification plan.
The B20 Summit, an official forum for the global business community under the Group of 20 biggest economies, was organized by the Confederation of Indian Industry and held in New Delhi from Aug. 25-27. Delegations from G20 countries participated in the program, focused on promoting a “sustainable, digitized, innovative and inclusive business paradigm.”
Abdulrahman bin Saleh Al-Fageeh, CEO of petrochemicals group Saudi Basic Industries Corporation and chief of the Saudi delegation, said that the Kingdom’s business community was seeking global alignment on a number of issues.
“KSA B20 team has brought the Saudi business community together (as they seek) global alignment on many of the pressing global economic and environmental issues … Saudi businesses have been enriched by the wisdom of the global business community,” Al-Fageeh told Arab News.
“B20 is a great global forum to get G20 and B20 alignment. B20 had in-depth discussions on various topics like AI for business and societies, global trade and investment, sustained global economic recovery, African economic integration, cybersecurity risks,” he said.
These topics, which also included financing climate transition and inclusive opportunities around technology and innovation, were aligned with Saudi Arabia’s Vision 2030 transformation plan.
“These are all highly relevant for KSA, which is aiming to diversify its economic activities,” Al-Fageeh said. “The Vision 2030 efforts toward diversification of the economy away from oil and energy are among the major topics shaping not only KSA but also global collaboration.”
Vision 2030 is also expected to boost India-Saudi business relations, after the two countries established a high-level council after agreeing to form a strategic partnership in 2019.
Al-Fageeh said that the council had “made progress,” especially in the past two years, and that a meeting was scheduled to take place in India soon.
Indian businesses are keen on partnerships with the Kingdom, which, with annual growth of 8.7 percent in 2022, is the fastest-growing G20 economy. India is second, with growth of 6.7 percent.