Saudi Arabia Partners With World Bank Group To Establish Knowledge Hub For Economic Reforms

Saudi Arabia's National Competitiveness Center has partnered with the World Bank Group to create a global knowledge hub. This initiative aims to enhance international cooperation and promote sustainable development by sharing Saudi Arabia's economic reform experiences and the World Bank's expertise in aiding member countries to achieve their development objectives.

Minister of Commerce Dr. Majid Al-Kassabi, who also chairs the National Competitiveness Center, attended the signing ceremony alongside World Bank Group President Ajay Banga. Dr. Al-Kassabi highlighted Saudi Arabia's progress in economic reforms, supported by Crown Prince Mohammed bin Salman. He noted that these efforts have significantly improved the country's standing in global competitiveness indices.

The knowledge hub will be a platform for countries to leverage Saudi and World Bank expertise in economic and development fields. This collaboration is expected to boost competitiveness globally. Banga stated, "The knowledge hub represents a significant stride toward broadening the scope of global knowledge and amplifying its influence, particularly amidst efforts to diversify economies and stimulate policies that foster a more competitive and efficient business environment."

The hub will engage in research, consultancy, knowledge exchange, and capacity building. It will focus on improving business environments, productivity growth, entrepreneurship, innovation, trade policies, and investment promotion. Special attention will be given to economic transformation within Saudi Arabia.

A steering committee will oversee the hub's activities. It includes representatives from Saudi ministries of commerce, finance, economy and planning, as well as from the National Competitiveness Center and the Saudi Business Center. This diverse group aims to ensure comprehensive guidance for the hub's initiatives.

Global Competitiveness Achievements

Saudi Arabia has successfully implemented over 800 economic reforms. These efforts have propelled the nation to 16th place globally among 67 countries identified as most competitive by the World Competitiveness Yearbook report from the International Institute for Management Development (IMD).

The establishment of this knowledge hub marks a pivotal step in sharing valuable insights on economic reforms and development strategies. By fostering collaboration between nations, it seeks to enhance global competitiveness through shared expertise and innovative solutions.

With inputs from SPA