RIYADH: Saudi Arabia’s hosting of the 15th session of the G20 leaders’ summit and its presidency of the group confirm Kingdom’s leading role globally, according to Saudi Investment Minister Khalid Al-Falih.

Al-Falih made his comments at a meeting of the G20 Trade and Investment Working Group on Thursday that addressed pressing global trade issues including the Riyadh initiative for the future of the World Trade Organization (WTO).

The minister said that Saudi Arabia has initiated a number of policies to enhance cooperation in trade and investment, including supporting a multilateral trading system, as well as promoting economic diversification and cross-border investment flows.

“The G20 member states and the countries known for best practices — including the encouragement of competitiveness between micro, small and medium enterprises and the maximization of benefit from special economic zones and trade — have participated in economic diversification and the promotion of economic empowerment for all, including youth and women,” he said.

The minister revealed that the working group has established procedures to support international trade and investment in response to the COVID-19 pandemic: “The G20 states dedicated $11 trillion to protect and support the global economy from the repercussions of COVID-19,” he said, citing an historical initiative agreed in April this year to suspend the debt payments of 73 countries.

The Trade and Investment Working Group discussed foreign direct investment and ways that developing and least-developed countries can attract investment.

Al-Falaih also spoke about Saudi Arabia’s focus on three critical areas: Empowering people by creating conditions that enable them to live in dignity; preserving the planet by enhancing joint efforts to protect global resources; and adopting bold long-term strategies to share the benefits of innovation and technological progress.

SPA