Saudi Arabia is on track to help propel sustainable development globally through its pivotal role in artificial intelligence, according to the Kingdom’s finance minister.

In a session titled “AI and Development: Challenges and Opportunities” at the third meeting of G7 finance ministers and central bank governors under the Italian presidency, held last week in Stresa, Italy, Mohammed Al-Jadaan explained that the Kingdom is committed to advancing technology, particularly AI, to foster inclusive growth, according to a statement.

This aligns with Saudi Arabia’s National Strategy for Data and AI, which aims to establish the Kingdom as a global tech leader by 2030.

Additionally, the minister participated in a session titled “Addressing Financing Needs of Vulnerable Countries,” where he stressed the potential of a proposed multidimensional approach to dealing with debt vulnerabilities.

He underscored that this strategy aims to create fiscal space, improve resilience, and progress toward the Sustainable Development Goals.

In addition, Al-Jadaan also participated in a session titled “Initiatives for Development with a Focus on Africa.”

In this meeting, the minister shed light on how Africa has great potential, represented by its ambitious people, young population, and rich natural resources.

Furthermore, the finance minister joined a session titled “Cross-Border Payments,” where he highlighted the G20’s agreement under the Saudi Presidency in 2020 on a clear roadmap to support cross-border payments.

Al-Jadaan elaborated that this roadmap led to the establishment of the Cross-Border Payments Coordination Group, which collaborates with international organizations to enhance global payments. He stressed the importance of building on current efforts in this area.

On the sidelines of the meeting, Al-Jadaan met with several ministers and leaders of global organizations to discuss key economic and financial developments and topics of mutual interest.

Throughout the three-day meeting, the G7 finance ministers and central bank governors exchanged views on the global implications of AI, ongoing development initiatives, and cross-border payments. They agreed to continue close cooperation in relevant multilateral fora, such as the G20.

During the sessions, the ministers and governors reaffirmed their commitment to multilateral cooperation to promote sustainable development, recognizing the multiple challenges requiring a coordinated response from the international community.

ARAB NEWS