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Economic / Launch of the Saudi-Arab-African Economic Conference

Riyadh (UNA/SPA) - The Saudi Arab-African Economic Conference kicked off today in the presence of a number of Their Highnesses and Excellencies, an elite group of officials in the Kingdom and Arab and African countries, leaders of finance, business and investment from the governmental and private sectors, trade federations, international organizations, and prominent figures in the circles. The academy and think tanks, to discuss relations and joint cooperation opportunities.
His Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, said during his opening speech: “Our world today is going through a stage of profound economic transformations, as we witness the acceleration of the emergence of innovative technologies, the shift to new economic sectors, and the reimagining of global supply chains, which opens new horizons for economic cooperation and joint development between... The Kingdom and the countries of the African continent, especially with the presence of capabilities on both sides, in terms of natural resources, a distinctive geographical location, and young manpower.”
Minister Al-Jadaan stressed that the Kingdom’s relationship with the African continent is not governed by the proximity of the geographical location only, but rather we are partners, united by a common history and a common destiny, as the origins of trade with the African continent go back to ancient times, when merchants in the Arabian Peninsula relied on trade routes to Africa, and they were not... The Kingdom has been an active market for African goods for centuries.
He added: Our common history has given us more than economic ties. We have similarities in our cultures and geography, commonalities between our peoples, and common capabilities in our economies, which have enhanced common understanding and established close relations between our societies. In light of the major challenges that the global economy is witnessing, we believe that the African continent has An important role in dealing with these challenges.
His Excellency pointed out that the Kingdom was one of the first countries to call for the African Union to join the permanent membership of the GXNUMX. The Kingdom also supports the creation of an additional seat for Africa on the Executive Board of the International Monetary Fund, in order to strengthen the voice of the African continent in international forums, as we realize the value of different viewpoints in shaping policies. Global, and we believe that Africa's voice is important in all international forums.
He stressed that the Kingdom's partnership with Africa is strong and growing at all levels. The Kingdom has continued to conclude important partnerships with African entities with the aim of expanding in a number of sectors, such as the energy, mining, agriculture, and other sectors, as the Kingdom and Africa are a trade partner and a major investment destination.
Minister Al-Jadaan stated that in terms of developing maritime shipping lines, the General Ports Authority in the Kingdom is working to enhance ship movement in the Red Sea and connectivity to various African ports. The Kingdom is making similar efforts with regard to destinations and airlines. In addition, the Kingdom has recently launched a program aimed at facilitating Trade in services between the Kingdom and Africa and its expansion, within the framework of cooperation with the World Economic Forum, as this initiative targets regional integration, which represents an area of ​​untapped growth.
In the context of development, His Excellency touched on the role of the Saudi Fund for Development and its long-term partnership with Africa, as it played an important role in financing basic infrastructure such as roads, dams, hospitals and schools, and supporting more than 400 projects on the African continent. It was noted that the conference will witness the Saudi Fund for Development signing agreements with... A number of African countries to implement development projects valued at more than two billion Saudi riyals. The development institutions affiliated with the Arab Coordination Group will also join us today, which will announce their huge financing programs to support sustainable development on the African continent until the year 2030, stressing that the gains of these partnerships will not benefit... Not only the Kingdom and the African continent, but also the entire world.
His Excellency said: “One of the biggest challenges facing many countries on the African continent is the ability to bear the burden of debt. We have, thank God, come a long way in confronting the challenges of African debt through the initiatives to suspend debt service payments and the common framework of the G2020, which were launched during the Kingdom’s presidency.” Saudi Arabia to the GXNUMX in XNUMX, which contributed to providing support to a number of countries in addressing debts through the common framework of the GXNUMX. Work is still underway to expand support to other countries on the African continent. Chad and Zambia have received support in addressing debts through the common framework of the GXNUMX. “We are currently working with the group of creditors to support Ghana, Ethiopia and other countries.”
His Excellency the Minister of Finance concluded his speech by saying: “We meet today at an important stage characterized by enormous potential for both sides. Let us make this economic conference an opportunity for all of us to intensify efforts and enhance cooperation through discussion, constructive dialogue, sharing of ideas, and establishing lasting partnerships.”
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