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Riyadh Plans to Benefit from Investments of Strong Economies to Implement Vision 2030 | ASHARQ AL-AWSAT English Archive 2005 -2017
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Children play as a man rests on a bench at a residential area in Hangzhou, the host city for the 11th G20 Leaders Summit, on September 5, 2016. WANG ZHAO / AFP

Riyadh- The main topics Saudi Arabia will be presenting during its participation in the G20 Summit in China are making the best of the strongest 20 economies in the world and getting involved in new solid partnerships; such issues are coherent with Saudi Vision 2030.

According to economists, Saudi Arabia began long ago introducing Saudi Vision 2030 to the G20 states through intensive meetings with ministries of finance, central bank governors and trade and investment officials. Experts expected the summit outcomes to include effective partnerships that contribute to achieving Saudi Vision 2030 which aims at diversifying Saudi Arabia’s economy and lessen dependency on oil.

Fawaz al-Alamy, a Saudi expert in international trade, said that the 11th G20 summit is highly important to developing countries, including the Kingdom, because it is being held in China, which is the biggest developing country and the second strongest economy in the world. The summit represents 65% of the world population and 73% of international trade volume plus 80% of gross world product (GWP).

“The slogan of this summit is to build a creative, active and comprehensive world economy; leaders of the summit are responsible for combatting terrorism by taking decisive procedures, reforming monetary and financial policies, managing the economy in a way that increases world growth and resolving world climate topics via sustainable laws,” Alamy told Asharq Al-Awsat.

Alamy added that the Saudi participation in the Silk Route qualifies it to expand its productive base and commodity exports not only because it has up to 25% of the world oil reserves but also because it has the strongest private sector in the Arab world, Middle East and North Africa.

Saudi economy expert Ehsan Abo Khalifah told Asharq Al-Awsat that the G20 consists of the major investment and export countries and this serves Riyadh’s purpose to implement Saudi Vision 2030, which stresses that the private sector has the bulk role in investments especially in infrastructure.