During the prestigious World Economic Forum Annual Meeting of 2024 held in Davos, Switzerland, the Kingdom of Saudi Arabia and the Organisation for Economic Co-operation and Development (OECD) have entered into a Memorandum of Understanding (MoU). This agreement is set to strengthen collaboration across a spectrum of public policy areas including the economy, taxation, corporate governance, and sustainability initiatives.
The MoU signifies the Kingdom’s proactive stance toward multilateral engagement and its commitment to constructing equitable, cooperative institutional structures aimed at fostering long-term prosperity.
His Excellency Faisal F. Alibrahim, the Saudi Minister of Economy and Planning, remarked that this alliance with the OECD is poised to enhance the Kingdom’s burgeoning investment environment. The focus is on fostering policies and regulations that encourage competitive involvement from the private sector within Saudi Arabia’s dynamic and diversifying economy.
He highlighted, International partnerships with organizations such as the OECD are key to continuously enhancing our institutional capabilities and facilitating knowledge and technology transfers. Under this partnership with the OECD, we will further develop robust public policies that align with international best practices and can further drive the momentum of Saudi Vision 2030.
The partnership is expected to take various shapes, such as collaborative research efforts, information and statistical data sharing, and the planning and hosting of related events and meetings. Additionally, it will support Saudi Arabia’s pursuit of aligning with OECD standards through evaluations and comparative analyses of policy practices.
Saudi Arabia is already actively involved in nine OECD committees and complies with seven OECD legal instruments. This expanded cooperation will deepen the Kingdom’s engagement in essential policy domains like public governance, regulatory policy, education, corporate finance, investment policy, anti-corruption measures, and trade facilitation.
The agreement underscores a mutual dedication to principles such as good governance, integrity, transparency, and the formulation of evidence-based policy. As the Kingdom advances its Saudi Vision 2030, international collaborations such as this one with the OECD will be crucial in sculpting policies that promote economic development, environmental sustainability, and social progress.