The B20 Summit Fosters Transformation for Inclusive Growth

The Business 20 (B20) virtual Summit convened on October 26 – 27, 2020, under the theme "Transforming for Inclusive Growth,” concluding their activities for this year. The summit was chaired by Mr. Yousef Abdullah Al-Benyan, the B20 Chair and Vice Chairman and CEO of SABIC. Several representatives from the Saudi government and Saudi G20 Presidency attended the summit, including Her Royal Highness Princess Reema Al-Saud, Ambassador of the Kingdom of Saudi Arabia to the United States of America, Dr. Majed Abdullah Al-Qasabi, Minister of Commerce Eng. Khalid Al-Falih, Minister of Investment, Dr. Fahad Al-Mubarak, Saudi G20 Sherpa, Mr. Bandar Al-Khorayef, Minister of Industry and Mineral Resources, Dr. Fahad Toonsi, Secretary General of the G20 Saudi Secretariat, and Mr. Abdulaziz Al-Rasheed, Assistant Finance Minister for International Financial Affairs & Macro Fiscal Policies.

The B20 Summit gathered global leaders representing the voice of business, proposing policies and innovations that explore how economic transformation can create sustainable and inclusive growth. Discussions covered several business topics including repurposing business through stakeholder capitalism, humanizing technological transformation, advancing women’s economic empowerment, creating equal competition for companies, and building resilient trade systems.

Eng. Khalid Al-Falih, on behalf of the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud, received the B20 recommendations and delivered a speech, highlighting: " That most B20 priorities are similar to the current transformations in the Kingdom of Saudi Arabia. For Vision 2030 represents our roadmap for the future of our country. The B20 Engagement Group has emphasized on the aim of empowerment, and one aspect of that is represented in the Kingdom’s focus on the digital economy. Under the current global shift to remote work and education and even remote healthcare, the Kingdom of Saudi Arabia was a pioneer in this field. Domestically, we acknowledged that the economic empowerment of youth and women, which is one of the G20 priorities, is pivotal to realizing the optimal capabilities of our national economy. We have also implemented a wide-range of reforms for women empowerment at home and work, including entrepreneurship programs and incubators; specifically, preventing gender discrimination in access to financial services, which makes the Kingdom of Saudi Arabia one of the only 3 countries in the world to achieve this."

The contribution of the B20’s business dialogue to G20 discussions is important. It highlights the importance of addressing global concerns and aligning business priorities to encourage opportunities, prosperity, and well-being for all.

Further information about the B20 can be found at https://www.b20saudiarabia.org.sa/

Further information about the G20, including the Presidency Agenda and full program of events, can be found at www.g20.org

Media Enquiries:

G20Media@saudisecretariat.gov.sa

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