Saudi Arabia, OECD Agree to Boost Cooperation on Wide Range of Public Policy Initiatives

Saudi Arabia and OECD sign MoU at World Economic Forum Annual Meeting 2024 to expand cooperation on economic and governance policies

January 18, 2024 16:45 Korea Standard Time
  • Saudi Arabia’s Minister of Economy and Planning, HE Faisal F. Alibrahim, signs agreement with OECD S...

    Saudi Arabia’s Minister of Economy and Planning, HE Faisal F. Alibrahim, signs agreement with OECD Secretary-General Mathias Cormann to expand cooperation between Saudi Arabia and the OECD, at the World Economic Forum Annual Meeting 2024 in Davos, Switzerland. (Photo: AETOSWire)

DAVOS, SWITZERLAND--(Business Wire / Korea Newswire)--The Kingdom of Saudi Arabia and the Organisation for Economic Co-operation and Development (OECD) today signed a Memorandum of Understanding (MoU) to enhance cooperation on a wide range of public policy initiatives in areas including the economy, tax, corporate governance and sustainability.

The strategic partnership, signed during the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland, reflects the Kingdom’s solutions-oriented approach to multilateralism and its willingness to build balanced and collaborative institutional frameworks for sustained prosperity.

His Excellency Faisal F. Alibrahim, Minister of Economy and Planning, said the Saudi-OECD partnership would further boost the Kingdom’s thriving investment landscape through collaborative policies and regulations that promote competitive private sector participation in Saudi Arabia’s rapidly diversifying economy.

“International partnerships with organizations such as the OECD are key to continuously enhancing our institutional capabilities and facilitating knowledge and technology transfers. Under this partnership with the OECD, we will further develop robust public policies that align with international best practices and can further drive the momentum of Saudi Vision 2030.”

The collaboration will take various forms, including joint research, information exchange, the sharing of statistical data, the organization of meetings and events, and support for Saudi Arabia’s alignment with OECD standards, which includes evaluation and comparative analyses of policy practices.

Saudi Arabia already participates in nine OECD committees and adheres to seven OECD legal instruments. The collaboration will deepen the Kingdom’s cooperation with the organization in policy areas including public governance and regulatory policy, skills and education, corporate governance and finance, investment policy, anti-corruption, and trade facilitation.

The partnership emphasizes a commitment to good governance, integrity, transparency, and evidence-based policy. As Saudi Arabia progresses with Saudi Vision 2030, global collaborations will play a pivotal role in shaping policies that foster economic growth, environmental sustainability, and social development.

Source: AETOSWire

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Saudi Ministry of Economy and Planning
Wooud Alquaied

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