Business & Money | Friday 30 November, 2018 6:00 am |

The Kingdom of Saudi Arabia’s role in the Group of Twenty (G20) has strengthened its position in the global economy, thanks to its solid economic and industrial base. This role emphasizes the Kingdom’s weight and position on the global economy and its moderate and economic decisions adopted over the years in addition to the balanced growth of the Saudi banking system, according to an analysis carried by the Saudi Press Agency.

Saudi Arabia is always committed to perform positive and effective roles in order to achieve the global economic stability. Custodian of the Two Holy Mosques King Salman led the Kingdom’s delegation to 2014 Summit of G20, which is the bloc comprising of the world’s 20 strongest economies, held in Australia’s Brisbane when he was the Crown Prince.

During the Brisbane Summit, King Salman delivered a speech in which he pointed out that the slow pace of the global economic recovery, in addition to serious rise in risks, do require the maintenance and implementation of economic policies along with the supporting structural reforms that serve growth. The Monarch welcomed the consensus to establish confidence in the global economy, stressing the need for full implementation of the G20 comprehensive strategies.

Concerning the world energy markets, he said that the Kingdom continues its balanced policy and positive and influential role to enhance the stability of these markets through its active role in the global oil market and taking into consideration the interests of the energy producing and consuming countries. For this reason, the Kingdom has invested in maintaining additional production capacity to enhance the stability of global energy markets.

On the sidelines of the Brisbane Summit, King Salman, then the Crown Prince, had discussions with British Prime Minister David Cameron; French President Francois Hollande, German Chancellor Angela Merkel; South Korean President Park Geun-hye; Indian Prime Minister Narendra Modi; Singaporean Prime Minister Lee Hsien Loong and UN Secretary General Ban Ki-moon. During the meetings, bilateral relations and topics on the agenda of the summit were discussed.

During the G20 Summit held in Antalya, Turkey, King Salman, who led the Kingdom’s delegation to the summit, affirmed that the Kingdom has suffered greatly from terrorism and addressed its intellectual premises, especially those who take the teachings of Islam as a justification for them, while Islam is nothing to do with it.

The King affirmed that political instability and insecurity were hampering our efforts to promote global economic growth and that the region was suffering from many crises. He concluded that there is a good opportunity to cooperate and mobilize initiatives to find truly global solutions to the urgent challenges, including combating terrorism, the refugee problem or diminishing confidence in the world economy.

On the sidelines of the Antalya Summit, King Salman held meetings with German Chancellor Angela Merkel; British Prime Minister David Cameron; Indian Prime Minister Narendra Modi; Japanese Prime Minister Shinzo Abe; Turkish President Recep Tayyip Erdogan; Russian President Vladimir Putin and Prime Minister of Turkey Dr. Ahmet Davutoglu. During the meetings, bilateral relations and topics on the agenda of the summit were discussed.

Upon directives of the King, Crown Prince Muhammad Bin Salman, who was then Deputy Crown Prince, led the Kingdom’s delegation to the 2016 Hangzhou Summit of G20 in China.

Following the summit, the Crown Prince sent a cable of thanks to Chinese President Xi Jinping, lauding the positive outcomes of the summit.

On the sidelines of Hangzhou summit, the Crown Prince held bilateral meetings with Turkish President Erdogan; Indonesian President Joko Widodo; Russian President Vladimir Putin; South Korean President Park Geun-hye; Kazakhstan President Nursultan Nazarbayev; French President Francois Hollande; British Prime Minister Theresa May; Italian Prime Minister Matteo Renzi; Indian Prime Minister Narendra Modi; US Secretary of State John Kerry; UN Secretary General Ban Ki-moon and Brazilian President Michel Temer. During the meetings, bilateral relations and topics on the agenda of the summit were discussed.