World Bank chooses Saudi Arabia as knowledge center to spread culture of economic reforms globally

The knowledge center to spread culture of economic reforms globally would pave the way for further regional and global cooperation in competitiveness.

 

Washington, U.S. – The National Competitiveness Center and the World Bank Group announced on Friday (April 19) in Washington their intention to establish a knowledge center in the Kingdom of Saudi Arabia.

This move is part of both sides’ efforts to spread the culture of economic reforms globally, Saudi Press Agency said quoted by Indonesia Window on Saturday.

The Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC), Dr. Majid bin Abdullah Al-Qasabi, pointed out during the announcement, which was attended by the Kingdom’s Ambassador to the USA, Princess Reema bint Bandar bin Sultan bin Abdulaziz, the President of the Bank Group, Ajay Banga, and the Chief Economist of the World Bank Group and Senior Vice President for Development Economics, Dr. Indermit Gill.

This occasion confirmed the great progress achieved by the Kingdom in global competitiveness reports and indicators, which resulted from the economic reforms implemented with the support and directives of Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammed bin Salman bin Abdulaziz Alsaud.

Dr. Al-Qasabi added that establishing the knowledge center would pave the way for further regional and global cooperation in competitiveness. It will allow the Kingdom to benefit from its experience in implementing economic reforms and their impact on enhancing its competitiveness, in addition to the World Bank’s expertise that extends for more than 50 years.

The World Bank chose the Kingdom as a knowledge center to spread the culture of economic reforms globally due to its pioneering experience over the past seven years in implementing economic reforms, during which an integrated business model was framed that led to high effectiveness in achieving the goals of the reforms and raising rates of commitment to them, which made the international organization choose it to be a partner. Its experience would constitute a path that would benefit other countries around the world seeking to enhance their competitive capabilities.

The Knowledge Centre, whose preparation work is being undertaken by a founding committee that includes the Ministries of Finance, Economy, and Planning and several relevant government agencies, is part of a continuous cooperation between the two sides to develop economic reforms based on the best international business practices and complete the journey of enhancing competitiveness.

The Kingdom, which began in 2019 with the establishment of the National Competitiveness Center, its organizational affiliation with the Council of Economic and Development Affairs, and the later establishment of subcommittees focusing on facilitating business in vital and promising sectors, which contributed to the completion of the centre through integration with relevant government agencies of more than 800 reforms.

Dr. Al-Qasabi held meetings with the President of the World Bank Group and the group’s senior experts on the sidelines of the announcement event, which dealt with the latest initiatives led by the WB to facilitate cross-border trade by simplifying trade procedures and customs regulations in addition to discussing ways to benefit from the recommendations and visions included in the reports issued by the Bank improves systems and procedures to enhance the efficiency and attractiveness of the business environment in the Kingdom.

Reporting by Indonesia Window