Saudi Commerce Minister Joins Global Leaders At UNCTAD's 60th Anniversary

Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC), Dr. Majid bin Abdullah Al-Qasabi, attended the 60th-anniversary celebration of the UN Trade and Development Organization (UNCTAD) in Geneva. The event, themed "Charting a New Development Course in a Changing World," featured UN Secretary-General António Guterres and high-level representatives from 120 countries.

The celebration included major ministerial sessions focusing on activating industrial policy for trade and development, preparing for future economies, development strategies amid successive crises, and restructuring foreign direct investment. Another key session highlighted "Shaping a digital future that serves people and the Earth."

Dr. Al-Qasabi emphasized the significance of e-commerce within the Kingdom Vision 2030 development strategy. He noted that Saudi Arabia is expected to reach approximately SAR260 billion in e-commerce volume by 2025, reflecting substantial sector growth. Last year, Saudi delivery companies handled around 200 million orders, supported by 14,000 logistics warehouses across the Kingdom.

Investment in emerging e-commerce companies has seen a remarkable 152% growth rate over the past two years, amounting to SAR1.6 billion. Dr. Al-Qasabi highlighted ongoing efforts to review regulations related to e-commerce and reengineer procedures to better regulate the sector.

Additionally, Saudi Arabia has established government agencies such as the E-Commerce Council, which includes 17 government agencies, and the Saudi Center for Economic Business. These entities aim to enhance the ease of doing business online by providing essential government services to the business sector.

The event underscored the importance of adapting to a changing world through strategic development and digital innovation. The discussions at UNCTAD's anniversary celebration reflect a global commitment to fostering sustainable economic growth and addressing contemporary challenges.

With inputs from SPA