Saudi Gazette report

JOHANNESBURG — Saudi Foreign Minister Prince Faisal bin Farhan underlined the need for enhanced global coordination to address major economic challenges. “Saudi Arabia continues to work with its partners to build a more integrated and sustainable global economy that ensures a prosperous and secure future for generations to come,” he said while addressing the G20 Leaders’ Summit in Johannesburg, South Africa, on Saturday.

On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Prince Faisal led the Kingdom’s delegation to the summit. The delegation also includes Minister of Finance Mohammed Al-Jadaan and Saudi sherpa Deputy Minister of Finance Abdulmohsen Al-Khalaf. South African President Cyril Ramaphosa inaugurated the summit. In his address, Ramaphosa stressed the importance of strengthening multilateral cooperation to address pressing international challenges, foremost among them the stability of the global economy, and energy and food security.

In his speech, Prince Faisal emphasized the Kingdom's commitment to sustainable development and multilateral cooperation. He noted that global challenges—including debt burdens on some countries, food and energy security, climate change, and digital transformation—require close international cooperation and an integrated approach that balances economic development with environmental protection.

“The current global challenges necessitate continuous international coordination and an integrated approach to achieve economic development, protect the environment, and ensure financial stability. The Kingdom is proceeding with developing implementation frameworks that encourage responsible investment in various sectors, including tourism, technology, and sustainable infrastructure, in addition to promoting sustainable manufacturing by harnessing local resources and attracting quality investments aligned with development and sustainability goals,” he said.

The Saudi minister stressed the importance of aligning the G20's efforts with the 2030 Sustainable Development Goals to ensure inclusive and balanced economic growth that enhances the well-being of people and preserves resources for future generations.

Prince Faisal stressed the need to curb illicit financial flows and enhance countries' capacity to manage their resources efficiently, considering this as a fundamental factor in achieving economic stability and financing sustainable development programs. He also called for strengthening international cooperation to exchange expertise and best practices, contributing to building more transparent and resilient financial systems.

The minister noted that the challenges facing the world today know no borders, and addressing them requires genuine international solidarity and multilateral cooperation based on shared responsibility, given the surge in inequality, global economic turmoil, and growing regional and international tensions.

Prince Faisal also emphasized the importance of the G20 countries' role in leading international efforts to enhance coordination among economic policies, enable sustainable investments, and develop industrial and economic policies that support stability and prosperity for all, and protect the most vulnerable countries from the repercussions of financial and economic crises.