Saudi Ministers Affirm Commitment to Economic Diversification

Saudi Ministers Affirm Commitment to Economic Diversification

Saudi Commerce Minister Discusses Role of Digital Economy in Shaping Global Trade Future

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi participated in a high-level ministerial session on e-commerce held on the sidelines of the UNCTAD eWeek 2023. SPA

Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC) Dr. Majid bin Abdullah Al-Qasabi has highlighted the Kingdom's efforts to diversify its economy and prioritize emerging sectors, noting that non-oil exports of the Kingdom grew 77% from 2016 to 2022.

During his participation in a high-level ministerial session on e-commerce held on the sidelines of the UNCTAD eWeek 2023, organized by the UN Conference on Trade and Development (UNCTAD) in Geneva, he noted that the Middle East and North Africa (MENA) region is very open to international trade, as the volume of international trade has risen to $7.7 trillion last year.

He emphasized that digitization has transformed trade, making it more efficient, reliable, and transparent. He said the Kingdom is keeping pace with the trend through economic reforms and modernizing infrastructure, and the focus is shifting towards the digital economy and enhancing the knowledge-based economy.

Concerning the Kingdom's perspective on regional trade and free-trade agreements, the minister