In a strategic move to bolster worldwide economic reforms and to strengthen competitiveness on a regional and global scale, Saudi Arabia has teamed up with the World Bank to create a knowledge center within the country. This endeavor is designed to disseminate the successes of Saudi Arabia’s economic reform strategies and foster active engagement with global entities.
The announcement of this partnership took place in Washington D.C., drawing attention to the significant advancements in global competitiveness achieved by Saudi Arabia under the economic overhaul spearheaded by Crown Prince Mohammed bin Salman. This transformation has earned the Kingdom recognition as a formidable force in the global economy.
The planned knowledge center is envisioned to be a nexus for the exchange of reform strategies, enhancing collaborative efforts and elevating the competitive standing of nations worldwide. By combining the reform milestones of Saudi Arabia with the World Bank’s specialized knowledge, the initiative will provide invaluable support to countries seeking to improve their economic status.
This venture is a testament to the ongoing cooperation between Saudi Arabia and the World Bank aimed at crafting economic reforms that align with best practices on the international stage. The center is dedicated to the propagation of knowledge and collaborative reform efforts, furthering the global distribution of effective economic strategies.
The knowledge center will be the culmination of the collaborative efforts of various Saudi ministries and agencies, building on the foundation established by the National Competitiveness Center (NCC) since its inception in 2019. With the NCC’s track record of implementing over 800 reforms to streamline business processes, the center is set to be instrumental in propelling economic growth and reforms on a global scale.
Dr. Majid Al Qasabi, Saudi Minister of Commerce and NCC Chairman, discussed additional initiatives with World Bank officials during the launch. These talks centered on simplifying trade procedures and enhancing the business environment in Saudi Arabia, demonstrating both parties’ dedication to promoting worldwide economic competitiveness.