His Excellency Minister of Finance and Acting Minister of Economy and Planning Mohammed Aljadaan emphasized that 2020 remains the most challenging year in living memory for governments, economies and individuals. Most countries have faced formidable combined challenges from health, economic and social prospective due to the outbreak of COVID-19 pandemic.

In his opening speech at the 23rd Arab-German Business Forum, held virtually from 26-28 of October, and organized by Ghorfa Arab-German Chamber of Commerce and Industry, his Excellency Aljadaan said that in spite of the largest crisis ever witnessed by the world since the Great Depression of 1930’s “the international community, led by the G20, responded swiftly and significantly with multiple measures to protect lives and livelihoods.”

Aljadaan mentioned that the G20 members injected over USD 11 trillion into the global economy to contain the impact of the pandemic. The G20 also pledged over USD 21 billion to bridge the short-term financing gap in global health to support the fight against the COVID-19 pandemic. 

He highlighted that, With the strong support from Germany, the G20  supported the establishment of the Access to COVID-19 Tools Accelerator (ACT-A) and its COVAX facility, with the aim of accelerating the research, development, manufacturing and distribution of COVID-19 diagnostics, therapeutics and vaccines. In addition, the G20 provided an estimated USD $14 billion liquidity relief through the G20 Debt Service Suspension Initiative for the most vulnerable countries – enabling them to strengthen their fight against the pandemic and its health, economic and social impact. 

Moreover, Aljadaan expressed his appreciation to the Forum organizers, and for being an important platform for Arab and German business community, in which decision makers, business leaders and experts from the Arab world and Germany participate to enhance the Arab-German economic relations. The Forum provides a suitable framework to strengthen joint relations between businessmen from both sides. The Kingdom of Saudi Arabia is a Partner Country of the Forum for this year. 

Saudi Arabia and Germany have a strong historical ties. Last year the two countries celebrated their 90th anniversary of mutual cooperation and bilateral trade. Various sectors such as tourism, renewable energy, petrochemicals, digitalization, artificial intelligence, infrastructure, transportation and logistical services, are the potential areas for collaboration.