Minister Of Foreign Affairs Prince Faisal Addresses Economic Cooperation At G20 Foreign Ministers’ Meeting

Prince Faisal bin Farhan bin Abdullah, the Minister of Foreign Affairs, attended the G20 Foreign Ministers' meeting on Thursday. This event was led by South Africa and took place alongside the 80th session of the United Nations General Assembly. The theme was "The United Nations at 80: Reaffirming Peace as a Path to Sustainable Economic Development."

During his speech, Prince Faisal highlighted the critical role of international economic cooperation and multilateral institutions like the United Nations and G20. He described these platforms as essential for coordinating efforts to tackle political and economic challenges globally.

The Kingdom believes peace is crucial for economic growth. A peaceful environment attracts investment, boosts trade, enhances productive capacity, and fosters long-term partnerships that lead to prosperity. Prince Faisal stressed this point in his address.

He also mentioned that digital transformation and the green economy present significant opportunities. These sectors can help build resilient economies and enable broader societal participation, especially for women and youth.

Addressing global challenges requires genuine international solidarity. Multilateral cooperation based on shared responsibility is vital. Prince Faisal noted rising inequality, economic disruptions affecting millions, escalating tensions, and violations of international law as major issues threatening global stability.

Despite these challenges, Saudi Arabia has strengthened its economic resilience. The Kingdom has maintained stable inflation rates, achieved strong non-oil GDP growth, and recorded a historic decline in unemployment rates.

Commitment to Economic Diplomacy

Prince Faisal emphasized collective action and enhanced coordination of global economic policies. This approach ensures market stability and protects vulnerable nations from financial crises' impacts.

In his concluding remarks, Prince Faisal reaffirmed Saudi Arabia's commitment to using economic diplomacy to bridge development and security policies. This strategy aims to contribute to a more capable international system achieving both peace and prosperity.

The meeting was also attended by Dr. Abdulrahman Al-Rassi, Deputy Minister for International Multilateral Affairs and General Supervisor of the Public Diplomacy Deputyship.

With inputs from SPA