An OPEC Fund Minister States that Saudi Arabia is Well-Positioned for Long-Term Economic Growth

An OPEC Fund Minister States that Saudi Arabia is Well-Positioned for Long-Term Economic Growth

The finance minister said that Saudi Arabia is well-positioned to achieve sustainable economic development because of its vast natural resource base, saved money, and state capabilities.

Mohammed Al-Jadaan acknowledged the difficulties faced by low-income developing countries during the OPEC Fund Development Forum and Ministerial Meeting, which took place in Vienna on June 25–26. However, he also pointed out that each nation’s actions are what ultimately lead to sustained economic development, according to the Saudi Press Agency.

This is consistent with the Kingdom’s steadfast resolve to lead the world in sustainable development and with the fact that, in terms of volume, the government of the country provides the most formal development assistance in the Gulf.

Al-Jadaan also mentioned Saudi Arabia’s initiatives to diversify its economy and increase non-oil earnings at the conference. These efforts are part of Vision 2030, which aims to open up new industries that will lay the groundwork for the country’s output and non-oil exports to develop sustainably.

The minister also outlined initiatives to increase the number of women in the workforce, improve youth education and training in Saudi Arabia, and strengthen the environment for private sector investment, which includes assistance for small and medium-sized businesses.

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