In a significant move to expand its global economic partnerships, the Kingdom of Saudi Arabia has entered into a Memorandum of Understanding (MoU) with the Organisation for Economic Co-operation and Development (OECD). This agreement, enacted during the esteemed World Economic Forum Annual Meeting in Davos, Switzerland, aims to bolster cooperation across diverse policy domains such as economic performance, taxation, corporate governance, and sustainable development.
This strategic alliance reflects Saudi Arabia’s dedication to constructive multilateral engagement and its pursuit of building balanced, collaborative institutional relationships to foster sustained economic growth.
His Excellency Faisal F. Alibrahim, the Saudi Minister of Economy and Planning, endorsed the partnership, stating its potential to invigorate the Kingdom’s investment environment. The collaboration is expected to facilitate the development of competitive policies and regulations, encouraging private sector involvement in Saudi Arabia’s diversifying economy.
“Engaging with international entities like the OECD is imperative to continuously fortify our institutional strengths and to promote the exchange of knowledge and technology,” stated Minister Alibrahim. He emphasized the role of the partnership in crafting robust public policies aligned with global best practices, which are instrumental in driving the progress of Saudi Vision 2030.
The multifaceted collaboration will include joint research initiatives, the exchange of information, sharing of statistical data, organizing meetings, and event coordination. It will also support Saudi Arabia in adhering to OECD standards through evaluations and comparative policy analyses.
Already an active participant in nine OECD committees and compliant with seven OECD legal frameworks, Saudi Arabia is set to enhance its cooperation in areas such as public governance, regulatory policy, education, corporate governance, finance, investment, anti-corruption efforts, and trade facilitation.
The partnership underscores a mutual commitment to principles of good governance, integrity, transparency, and evidence-based policymaking. As Saudi Arabia advances with its transformative Saudi Vision 2030, such international collaborations are crucial in shaping policies that promote economic expansion, environmental stewardship, and social progress.