Imagine a world where economic reform strategies are shared globally, enhancing competitiveness across regions. Saudi Arabia is taking a bold step towards this vision by partnering with the World Bank to create a groundbreaking knowledge center within the Kingdom.
An Initiative to Share Success
In a significant collaboration announced in Washington D.C., the World Bank and Saudi Arabia’s National Competitiveness Center (NCC) revealed plans to establish a knowledge hub dedicated to economic reform. This center will highlight the Kingdom’s remarkable achievements under Crown Prince Mohammed bin Salman’s economic reform agenda, which have positioned Saudi Arabia as a formidable player on the global stage.
The proposed knowledge center is designed to be a beacon of information, drawing on Saudi Arabia’s successful reform experiences and the World Bank’s expertise. It aims to enhance regional and global competitiveness by fostering partnerships and sharing strategies that have proven effective in Saudi Arabia.
Driving Global Growth Through Collaboration
This initiative represents a deepening of the ongoing partnership between Saudi Arabia and the World Bank, emphasizing the development of economic reforms that align with international standards. By facilitating a platform for knowledge exchange, the center will be instrumental in propagating successful reform strategies worldwide.
Collaboration will extend across various Saudi ministries and agencies, building on the efforts initiated by the NCC since its establishment in 2019. The center will focus on optimizing business processes and integrating over 800 reforms, aiming to be a catalyst for global economic growth and reform.
Paving the Way for Economic Competitiveness
During the announcement, Dr. Majid Al Qasabi, the Saudi Minister of Commerce and NCC Chairman, engaged in discussions with World Bank officials. Their dialogue centered on initiatives to streamline trade procedures and enhance the business environment in Saudi Arabia. This collaboration highlights a shared commitment to elevating economic competitiveness on a global scale.
Saudi Arabia’s strategic move to establish this knowledge center is not just a national triumph but a global opportunity, inviting countries and investors worldwide to partake in a journey of economic advancement and innovation.
