The World Bank Selects the Kingdom as a Global Hub for Promoting Economic Reform Culture
Today in Washington, the National Competitiveness Center and the World Bank Group announced their plan to establish a Knowledge Center in the Kingdom, aiming to globally spread the culture of economic reforms.
His Excellency Dr. Majid bin Abdullah Al Qasabi, the Minister of Commerce and Chairman of the National Competitiveness Center, stated during the announcement, attended by Her Royal Highness Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the United States, Ajay Banga, President of the World Bank Group, and Dr. Indermit Gill, Chief Economist of the World Bank Group and Vice President for Equitable Growth, Finance and Institutions, that this occasion reaffirms the significant progress accomplished by the Kingdom in global competitiveness reports and indicators. These achievements are the results of economic reforms implemented under the guidance and support of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister – may God protect him.
He added that the planned Knowledge Center would pave the way for further regional and global cooperation in competitiveness. It will utilize the Kingdom's experience in implementing economic reforms and their impact on enhancing its competitiveness. Additionally, it will draw upon the World Bank's expertise, extending over more than 50 years.
The World Bank has chosen the Kingdom as a Knowledge Center for spreading the culture of economic reforms globally due to its pioneering experience over the past seven years in implementing economic reforms. This experience has developed an integrated business model leading to high effectiveness in achieving reform objectives and increasing compliance levels. This selection by the international organization positions the Kingdom as a partner whose experience could serve as a model for other countries seeking to enhance their competitive capabilities.
The Knowledge Center, whose preparatory works involve a founding committee comprising the Ministries of Finance, Economy and Planning, and several related governmental entities, is part of the ongoing cooperation to develop economic reforms based on best global business practices. This effort continues the journey to enhance the Kingdom's competitiveness, which began in 2019 with the establishment of the National Competitiveness Center linked organizationally to the Economic and Development Affairs Council. This was followed by the creation of subcommittees focusing on business facilitation in vital and promising sectors, contributing to the Center, in collaboration with related government entities, achieving more than 800 reforms.
On the sidelines of the announcement event, Al Qasabi held meetings with the President of the World Bank Group and senior experts from the group, discussing the latest initiatives led by the international institution to facilitate cross-border trade by simplifying trade procedures and customs regulations. They also explored ways to benefit from the recommendations and insights included in the Bank's reports to improve systems and procedures, aiming to enhance the efficiency and attractiveness of the business environment in the Kingdom.
He added that the planned Knowledge Center would pave the way for further regional and global cooperation in competitiveness. It will utilize the Kingdom's experience in implementing economic reforms and their impact on enhancing its competitiveness. Additionally, it will draw upon the World Bank's expertise, extending over more than 50 years.
The World Bank has chosen the Kingdom as a Knowledge Center for spreading the culture of economic reforms globally due to its pioneering experience over the past seven years in implementing economic reforms. This experience has developed an integrated business model leading to high effectiveness in achieving reform objectives and increasing compliance levels. This selection by the international organization positions the Kingdom as a partner whose experience could serve as a model for other countries seeking to enhance their competitive capabilities.
The Knowledge Center, whose preparatory works involve a founding committee comprising the Ministries of Finance, Economy and Planning, and several related governmental entities, is part of the ongoing cooperation to develop economic reforms based on best global business practices. This effort continues the journey to enhance the Kingdom's competitiveness, which began in 2019 with the establishment of the National Competitiveness Center linked organizationally to the Economic and Development Affairs Council. This was followed by the creation of subcommittees focusing on business facilitation in vital and promising sectors, contributing to the Center, in collaboration with related government entities, achieving more than 800 reforms.
On the sidelines of the announcement event, Al Qasabi held meetings with the President of the World Bank Group and senior experts from the group, discussing the latest initiatives led by the international institution to facilitate cross-border trade by simplifying trade procedures and customs regulations. They also explored ways to benefit from the recommendations and insights included in the Bank's reports to improve systems and procedures, aiming to enhance the efficiency and attractiveness of the business environment in the Kingdom.
Translation:
Translated by AI
