The Kingdom of Saudi Arabia is charting a course to become a key influencer in global sustainable development, leveraging its strategic position in the field of artificial intelligence (AI), as stated by the nation’s finance minister.
At the ‘AI and Development: Challenges and Opportunities’ session during the G7 finance ministers and central bank governors’ third assembly in Stresa, Italy, Minister Mohammed Al-Jadaan conveyed Saudi Arabia’s dedication to harnessing AI for equitable growth, reflecting the objectives articulated in a government communiqué.
The country’s National Strategy for Data and AI is an ambitious plan that seeks to elevate Saudi Arabia to the forefront of the global technology scene by 2030.
In another discussion focusing on ‘Addressing Financing Needs of Vulnerable Countries’, Al-Jadaan advocated for a multifaceted solution to debt challenges, aiming to create financial leeway, improve resilience, and advance the Sustainable Development Goals.
The finance minister also participated in a dialogue centered on ‘Initiatives for Development with a Focus on Africa’, where he highlighted Africa’s potential through its enterprising population, youthful demographic, and abundant natural assets.
Moreover, during a ‘Cross-Border Payments’ discussion, Al-Jadaan underscored the progress made since the G20’s endorsement of a comprehensive plan during Saudi Arabia’s presidency in 2020. This plan led to the formation of the Cross-Border Payments Coordination Group, which is working with global bodies to refine international payment systems.
Al-Jadaan also engaged in bilateral talks with various ministers and international organization leaders on pivotal economic and financial matters, underscoring mutual interests.
Throughout the three-day summit, G7 finance ministers and central bank governors deliberated on the worldwide impact of AI, reviewed ongoing developmental endeavors, and cross-border payment systems, committing to sustained collaboration in forums like the G20.
The sessions concluded with a collective acknowledgment of the importance of multilateral cooperation in fostering sustainable development, recognizing the myriad challenges that call for a unified international effort.