Saudi Arabia is poised to significantly contribute to international sustainable development by leveraging its influential position in the realm of artificial intelligence (AI), as stated by the nation’s finance minister.
During a discussion titled AI and Development: Challenges and Opportunities
at the recent assembly of G7 finance ministers and central bank governors in Stresa, Italy, Mohammed Al-Jadaan expressed the Kingdom’s dedication to enhancing technology, especially AI, to promote inclusive growth. This endeavor is in line with the country’s National Strategy for Data and AI, which aspires to position Saudi Arabia as a leading technology hub by 2030.
Additionally, the finance minister took part in a dialogue focused on Addressing Financing Needs of Vulnerable Countries,
where he advocated for a multifaceted strategy to manage debt vulnerabilities. Al-Jadaan emphasized that such an approach would broaden fiscal capacity, strengthen resilience, and advance the Sustainable Development Goals.
Al-Jadaan also joined discussions on Initiatives for Development with a Focus on Africa,
where he highlighted Africa’s potential through its driven populace, youthful demographic, and abundant natural resources. Furthermore, he contributed to a session on Cross-Border Payments,
where he pointed out the G20’s endorsement, under Saudi leadership in 2020, of a comprehensive plan to enhance cross-border payments. This led to the formation of the Cross-Border Payments Coordination Group, which works with global entities to improve international payment systems.
On the meeting’s periphery, Al-Jadaan engaged with various ministers and heads of international organizations to deliberate on pivotal economic and financial topics and areas of shared interest.
The G7 finance ministers and central bank governors utilized the three-day event to discuss AI’s worldwide implications, active development projects, and the intricacies of cross-border payments. They resolved to sustain their collaborative efforts in pertinent multilateral settings, such as the G20.
The attending ministers and governors reiterated their commitment to multilateral cooperation in fostering sustainable development, acknowledging the array of challenges that necessitate a united effort from the global community.