Washington, April 19, 2024 – Today in Washington, the National Competitiveness Center and the World Bank Group announced their intention to establish a knowledge hub in the Kingdom of Saudi Arabia. This move is part of both sides' efforts to spread a culture of economic reforms globally.
The Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center, H.E. Dr. Majid bin Abdullah Al-Kassabi, pointed out during the announcement, which was attended by the Kingdom's Ambassador to the United States, HRH Princess Reema bint Bandar bin Sultan bin Abdulaziz; the President of the Bank Group, Mr. Ajay Banga; and World Bank Chief Economist and Senior Vice President for Development Economics, Dr. Indermit Gill, that this occasion confirms the Kingdom's great progress in global competitiveness reports and indicators, which resulted from the economic reforms implemented with the support and directives from HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.
H.E. added that the establishment of the knowledge hub would further strengthen regional and global cooperation in competitiveness by merging the Kingdom's reform experience with the World Bank's expertise that spans over 50 years.
The World Bank selected the Kingdom as a knowledge hub to promote economic reform, recognizing its pioneering experience over the past seven years in implementing such reforms. During this period, the Kingdom developed an integrated business model that ensured the effective achievement of reform objectives and sustained commitment to them, key factors in the World Bank's decision to partner with the Kingdom. This expertise now serves as a valuable roadmap for other nations seeking to enhance their competitiveness.
The knowledge hub, whose preparation work is being undertaken by a founding committee that includes the Ministries of Finance, along with the Ministry of Economy and Planning and several additional government agencies, is part of a continuous cooperation between the two sides to develop economic reforms based on the best international business practices and complete the journey of enhancing competitiveness.
The Kingdom launched many of its reforms in 2019 with the establishment of the National Competitiveness Center, organizationally affiliated with the Council of Economic and Development Affairs, and later formed specialized subcommittees to streamline business in key sectors. This integrated approach, involving collaboration with relevant government entities, drove the successful implementation of over 800 reforms and paved the way for the hub's establishment.
On the sidelines of the announcement event, H.E. Al-Kassabi met with the President of the World Bank Group and senior experts to discuss the WBG's latest initiatives aimed at facilitating cross-border trade, including simplified trade procedures and customs regulations. The discussions also explored how the Kingdom could leverage the Bank's reports and recommendations to enhance its business environment by improving systems and procedures, further boosting efficiency and attractiveness for investors.
