Saudi Arabia and the World Bank Group announced on Friday their intention to establish a knowledge center in the Kingdom as part of their efforts to spread the culture of economic reforms globally.
Speaking in Washington, Saudi Minister of Commerce Dr. Majid Al-Qasabi said this step emphasizes the great progress the Kingdom has achieved in global competitiveness reports and indicators, thanks to economic reforms implemented with the support and directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister.
He added that the center will pave the way for further regional and global cooperation in the areas of competitiveness and will allow benefiting from Saudi Arabia’s abilities to implement economic reforms and from the World Bank’s experience that extends for more than 50 years.
The World Bank has chosen Saudi Arabia as the knowledge center to spread the culture of economic reforms in view of its pioneering experience over the past seven years, during which the Kingdom successfully applied an integrated business model that achieved its desired goals.
A founding committee, which includes the Ministries of Finance and Economy and Planning and relevant government agencies, is participating in preparations to establish the center.
In Washington, Al-Qasabi held meetings with Ajay Banga, President of the World Bank Group, and senior experts to discuss the latest initiatives to facilitate cross-border trade by simplifying customs procedures and regulations.
