The National Competitiveness Center in the Kingdom of Saudi Arabia signed a strategic agreement with the World Bank Group to establish a global knowledge center aimed at enhancing international cooperation and promoting sustainable development.
The initiative seeks to exchange experiences from successful economic reforms in the Kingdom of Saudi Arabia and benefit from the World Bank’s extensive experience in supporting member countries to achieve their development goals.
The signing ceremony was attended by the Minister of Commerce and Chairman of the Board of Directors of the National Knowledge Center, Dr. Majid Al-Qasabi, and World Bank Group President Ajay Banga on Tuesday.
Dr. Al-Qasabi highlighted the Kingdom’s transformative march in economic and development reforms led by the Crown Prince and Prime Minister Mohammed bin Salman.
He emphasized the innovative Saudi competitiveness model developed by the National Knowledge Center, which contributed to achieving remarkable progress in global competitiveness indicators.
Dr. Al-Qasabi stressed that the Knowledge Center will work as a vital platform for countries to benefit from the joint experience of the Kingdom of Saudi Arabia and the World Bank in economic development, and help countries enhance their competitiveness and achieve sustainable growth.
World Bank President Ajay Banga praised the partnership, saying: “The Knowledge Center represents an important step towards expanding global knowledge and amplifying its impact, especially in light of efforts to diversify economies and catalyze policies that foster a more competitive and efficient business environment.”
The Knowledge Center activities will include research, consultation, knowledge exchange and capacity building initiatives. Key areas of focus include improving the business environment, driving productivity growth, promoting entrepreneurship and innovation, strengthening trade policies and encouraging investment. These efforts will also be consistent with Saudi Arabia’s economic transformation goals.
The center will be directed by a committee that includes representatives from the Ministries of Commerce, Finance, Economy and Planning in the Kingdom of Saudi Arabia, along with the National Competitiveness Center and the Saudi Business Centre.
Saudi Arabia’s success in implementing more than 800 economic reforms has significantly boosted its global competitive rankings.
According to the International Institute for Management Development (IMD)’s Global Competitiveness Yearbook, Saudi Arabia now ranks as the 16th most competitive economy in the world out of 67 countries.
