Successful Conclusion of the Saudi-Arab-African Economic Conference: Strengthening Bonds for a Shared Future

الجمعة - 10 نوفمبر 2023

Fri - 10 Nov 2023

The Saudi-Arab-African Economic Conference reached new heights of collaboration and partnership as it concluded its proceedings with promising ventures and shared commitments. The conference, held on the sidelines of the Saudi African Summit, brought together leaders, decision makers, and officials from Saudi Arabia, the Arab world, and African countries, along with key figures from government business, international organizations, and academia.

In his opening speech, His Excellency the Minister of Finance, Mr. Mohammed bin Abdullah AlJadaan, emphasized the profound historical ties between the Kingdom and Africa. Beyond mere geographical proximity, the nations are intertwined by centuries of trade, shared culture, and a common destiny. AlJadaan highlighted the current economic transformations globally, presenting new opportunities for collaboration between Saudi Arabia and African nations.

The Minister outlined the Kingdom's commitment to establishing significant partnerships across various sectors, including energy, mining, agriculture, and more. Efforts to enhance shipping routes and facilitate trade in services were underscored, emphasizing Africa as a key trading partner and investment destination.

The conference witnessed the signing of over 50 cooperation agreements between Saudi, Arab, and African governments and private sectors, aiming to contribute to investment in African infrastructure and elevate the continent's economy. Also, The Arab Coordination Group announced a pledge worth US$50 billion to support development in African countries.

Addressing the issue of debt challenges in African countries, AlJadaan highlighted progress made through initiatives like debt service payment suspension and the G20 common framework. Support has been extended to countries like Chad and Zambia, with ongoing efforts to aid Ghana, Ethiopia, and others.

The seven insightful economic sessions delved into critical topics such as sustainable energy partnerships, investing in the future, food security, human capital development, responsible mining industries, tourism cooperation, and a roadmap for sustainable development.

The Saudi-Arab-African Economic Conference not only solidified partnerships between nations but also laid the foundation for a prosperous and sustainable shared future. The signed agreements and discussions pave the way for impactful collaborations, echoing the commitment to mutual growth and development.