Dr. Majid Al-Qasabi, Saudi Minister of Commerce, recently attended the 60th-anniversary celebration of the UN Trade and Development Organization (UNCTAD) in Geneva. The event focused on the theme of “Charting a New Development Course in a Changing World,” and was attended by global leaders and ministers from over 120 countries. Discussions at the event covered topics such as industrial policy for trade and development, preparing for future economies, development strategies amid ongoing crises, and shaping a digital future that benefits both people and the planet.
During the event, Dr. Al-Qasabi highlighted the importance of e-commerce in Saudi Arabia’s Vision 2030 development strategy. He mentioned that the e-commerce sector is expected to reach SR260 billion by 2025, with Saudi delivery companies processing approximately 200 million orders last year. Investments in new e-commerce ventures have also increased significantly, with a 152% surge over two years, reaching SR1.6 billion. Dr. Al-Qasabi also discussed ongoing regulatory reforms aimed at improving e-commerce operations, such as the establishment of the E-Commerce Council and the Saudi Center for Economic Business.
The growth of e-commerce in Saudi Arabia is part of the country’s broader efforts to diversify its economy and reduce its reliance on oil. Vision 2030, launched by Saudi Crown Prince Mohammed bin Salman in 2016, seeks to transform the Kingdom into a global investment powerhouse and create a more diversified and sustainable economy. The development of the e-commerce sector is seen as a key component of this vision, as it has the potential to create jobs, stimulate economic growth, and attract foreign investment.
In addition to focusing on e-commerce, Saudi Arabia is also working on improving its overall business environment to attract more foreign investment. The country has implemented several reforms in recent years to streamline business processes, reduce bureaucracy, and enhance transparency. These efforts have helped Saudi Arabia climb the ranks in the World Bank’s Ease of Doing Business Index, making it a more attractive destination for foreign investors.
The participation of Dr. Al-Qasabi at the UNCTAD event in Geneva underscores Saudi Arabia’s commitment to international cooperation and collaboration. By engaging with global leaders and sharing the country’s experiences and strategies, Saudi Arabia aims to contribute to the development of a more inclusive and sustainable global economy. The event provided an opportunity for Saudi Arabia to showcase its progress and achievements in the e-commerce sector, as well as to learn from best practices and experiences of other countries.
In conclusion, Saudi Arabia’s focus on e-commerce as part of its Vision 2030 development strategy demonstrates the country’s commitment to embracing digital transformation and harnessing the potential of new technologies for economic growth. By investing in the e-commerce sector, implementing regulatory reforms, and improving the overall business environment, Saudi Arabia is positioning itself as a leading player in the global digital economy. The country’s participation in international events like the UNCTAD anniversary celebration highlights its efforts to collaborate with the international community and contribute to the advancement of global trade and development.
