The Kingdom of Saudi Arabia has participated in the preparatory meeting for the G20-Startup20 Engagement Group in Goa, India to discuss recommendations of the communique of the upcoming summit.
The meeting has aimed to strengthen cooperation between G20 member states in order to achieve the sustainable development goals and enhance entrepreneurship in a way that serves emerging companies and helps them consolidate their foundations.
Prince Fahad bin Mansour bin Nasser bin Abdulaziz led the Kingdom’s delegation at the meeting of the G20-Startup20 Engagement Group and the G20 Young Entrepreneurs’ Alliance (G20 YEA).
The Prince delivered a speech at the opening of the summit, stressing that the Kingdom is witnessing a boom in the startup ecosystem and that the sector represents the present and future of the world's economies. He also said that the Kingdom participates in the summit (Startup 20) as it is the fastest growing economy among the G20 countries and ranked 1st worldwide in four indicators of entrepreneurship, which is a reflection of the support lent by the wise leadership to startups, in line with the Saudi Vision 2030, which aims to increase the contribution of small and medium-sized enterprises (SMEs) to the GDP from 20% to 35%.
Prince Fahd bin Mansour said that the preparatory meeting in India is an opportunity to exchange creative and innovative ideas, find strategic partnerships and investment opportunities, and learn about the experience of G20 countries, as well as to promote small, medium and large Saudi enterprises and highlight the distinguished services the Kingdom offers to attract entrepreneurs and investors.
The Prince said that the Kingdom has become an attractive incubating environment for entrepreneurship and a hub for global entrepreneurs and investors due to the support given by the wise leadership, stressing that Riyadh is capable of becoming the capital of global leadership at a level that competes with Silicon Valley, and that the rapid growth and developments in the field of startups qualifies the Kingdom to become a global hub for startups, and this can be achieved through cooperation and fruitful partnerships.
He underlined the need to secure a sustainable development for national startups, which is achieved by empowering them, stimulating the private sector, developing the capabilities of Saudi talents, attracting international experts, and transferring experience and knowledge in bold investments in fields that keep pace with time.
The Prince said that entrepreneurs are important to devising solutions to economic and social challenges, and that Saudi Vision 2030 aims to diversify the Kingdom's economy, build a thriving entrepreneurial sector that embraces sustainable economic growth, and contribute to creating opportunities and improve the standard and quality of life in the region.
Prince Fahd bin Mansour also held a meeting with the head of the Indian delegation and Chair of Startup20, Dr. Chintan Vaishnav, and other members of the Indian delegation during which they discussed the recommendations concerning entrepreneurship and startups, and work on unifying the recommendations before they are presented to the leaders of the G20 countries.
He also held several bilateral meetings with heads of delegations participating in the summit, with a view to boosting communication among entrepreneurs, exchanging ideas and scientific and technical expertise, and finding innovative solutions to the challenges posed to the global economy.
The agendas of the G20 Startups summit, which will be held in New Delhi on July 3, and of the G20 Young Entrepreneurs’ Alliance (G20 YEA) were also discussed.
Source: Saudi Press Agency