Building the economy on a scientific vision and rules based on thoughtful planning that analyzes the economic reality and works according to its needs and surrounding factors, which will undoubtedly contribute to its growth and development.
In this article, we will shed light on the compatibility between the Kingdom's economic vision 2030 and the priorities of the G20, whose leadership is headed by the Kingdom, and we will clarify those common goals and axes that were set to achieve those goals.
In our dear kingdom, the wise leadership has not neglected all aspects related to economic reform within Vision 2030, in its second axis that works to achieve a prosperous economy by exploiting promising and fruitful opportunities to reduce unemployment rates and employ graduates in addition to achieving effective investment and maximizing investment capabilities in order to raise the value of investment fund assets The public sector amounts to more than 7 trillion riyals, and creating a competitive environment attractive to business, maximizing the private sector's contribution to the GDP. Through this economic vision, the Kingdom plans, as everyone knows, to raise the proportion of non-oil exports to at least 50% of the non-oil GDP.
Perhaps the steps included in the work axes to exploit the opportunities of the 21st century within the business program prepared for the G20 coincide with the economic vision of the Kingdom, which recently assumed the presidency of the group, as the G20 summit is scheduled to be held in the capital Riyadh at the end of the year 2020 AD with the participation of member states and a number of regional and international organizations that had A clear contribution to the group over the past years.
In this article, it is important for us to focus on the opportunities that the Kingdom will seize through 3 main axes and the impact of these opportunities on the local, regional and international environment in a way that enhances the global consensus of the set of economic measures that will be taken through these axes, which focused on empowering people and preserving the planet through achieving food and water security And climate, energy and the environment, in addition to developing long-term, bold strategies aimed at exchanging benefits in various fields, especially innovation and technological progress.
Through these axes, the interest of the G20 leaders is evident in empowering people and creating all conditions that enable individuals, especially women and youth, to live, work and prosper.
In order to strengthen these basic axes and discuss their provisions and how to achieve them on the ground, the Kingdom will hold more than 100 meetings and conferences before the November 2020 summit with the participation of ministers and officials. It is worth noting that these meetings also include representatives of the communication groups that include the B20 business group, the Y20 youth group, and the T20 thought group. The C20 civil society group, the W20 women's group.
Therefore, employing the outcomes of these meetings and converting them into work programs will indirectly serve the realization of the vision in proportion to the economic weight enjoyed by the G20 in addition to its impact on the management of the financial and economic system in the world, where the economic strength of the group is its control over 90% of the global total of national production, And 80% of global trade and its members from the participating countries represent two-thirds of the world's population, along with the participation of the IMF and the World Bank.
Accordingly, we can identify points of agreement between the Kingdom's economic vision and the G20 in the following goals:
- . Promoting and developing the local and global economy. At the domestic level, the Kingdom plans for an economy that does not depend on oil by raising the percentage of non-oil exports that will be pumped into the global markets.
- . Internal reform of financial institutions and improvement of financial systems.
- . Developing business opportunities and mechanisms to support global economic growth.
- . Activating global open trade initiatives.
- . Activating the strong capabilities of the Kingdom in the rest of the sectors, especially the energy sector.
Through these strategies, it becomes clear that the great national interests that the Kingdom seeks to achieve are in line with global economic policies in a way that supports the movement of economic growth and development in various parts of the world.
