May 30, 2024
World Economy

World Bank partners with Saudi Arabia to establish knowledge center for economic reforms

Boosting global economic reforms and enhancing regional and global competitiveness

The World Bank, in collaboration with Saudi Arabia’s National Competitiveness Center (NCC), has unveiled plans to establish a knowledge center within the Kingdom. This initiative aims to boost global economic reforms by sharing Saudi Arabia’s successful experiences and collaborating with international stakeholders.

The two parties announced the collaboration in Washington D.C., showcasing Saudi Arabia’s progress in global competitiveness. This highlighted how Crown Prince Mohammed bin Salman’s extensive economic reforms have positioned Saudi Arabia as a global economic powerhouse.

The newly proposed knowledge center will serve as a central hub for sharing reform experiences. Moreover, it aims to foster collaborations and enhance regional and global competitiveness. Leveraging Saudi Arabia’s reform achievements and the World Bank’s expertise, the center aims to support other nations in elevating their economic positions.

This initiative underscores the ongoing partnership between Saudi Arabia and the World Bank to develop economic reforms in line with international best practices. By facilitating knowledge exchange and collaboration, the center will advance the global dissemination of reform strategies.

The knowledge center will involve collaboration among various Saudi ministries and agencies. Moreover, it builds upon the groundwork the NCC laid since its inception in 2019. With a focus on streamlining business operations and integrating over 800 reforms, the center will play a pivotal role in driving economic growth and reforms globally.

Read: UNCTAD forecasts 2.6 percent global economic growth in 2024, warns of urgent issues beyond inflation

During the announcement event, Dr. Majid Al Qasabi, Saudi Minister of Commerce and NCC Chairman, engaged in extensive discussions with World Bank officials. Both parties explored further initiatives that aim to simplify trade procedures and improve the business landscape in the Kingdom. This collaborative effort underscores both parties’ commitment to advancing global economic competitiveness.

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