Turkish Deputy Prime Minister Ali Babacan (left), Saudi Finance Minister Ibrahim Al-Assaf (center), and JCCI Chairman Shiekh Saleh Kamil at the first consultative meeting of the G20 business sector at the Jeddah Chamber of Commerce and Industry (JCCI) on Sunday. — SG photo

Fatima Muhammad

Saudi Gazette

 

JEDDAH — Minister of Finance Ibrahim Al-Assaf reiterated the importance of stimulating global economic activity and avoiding the negative effects of global financial crisis.



He was addressing the first consultative meeting of the G20 business sector at the Jeddah Chamber of Commerce and Industry (JCCI) on Sunday.



Assaf congratulated Turkey on the assumption of the G20 presidency this year, saying, “I renew my support for the three priorities set by the presidency, namely: ‘implementation’, ‘investment’ and ‘comprehensive growth’ in addition to the three foundations on which ‘Business Group’ (B20) will build its work: ‘continuity’, ‘comprehensiveness ‘ and ‘coherence’,” the fiance minister said, adding that the Kingdom will be an active participant in the work to achieve this excellent vision.



“These measures have already contributed in stimulating economic activity and avoiding the negative effects of global financial crisis. But more needs to be done,” he said, pointing out that the Kingdom has contributed to the implementation of the G20 agenda.



“We have a strategy for growth accompanied by an investment program. We intend to continue this program despite a drop in oil price. We have also taken measures to support small- and medium-size enterprises and enabled them to obtain financing as we have continued to invest in education, health, employment and other social programs.”



Assaf highlighted the importance of growth which helps to create jobs and the role of the private sector including the B20 efforts in areas such long-term investment in infrastructure. With regard to small- and medium-size enterprises, the minister of finance confirmed that they are the biggest source of jobs, yet their potential has not been properly tapped.



He said the global recovery is still below the desired level, and the number of new jobs added by the modern technology is less than the number of jobs that have been replaced by technology.



He further said that given the size of the current challenges, the innovations of the private sector and the public sector procedures should be combined.



Assaf drew attention to the worrying slowdown in global trade growth, noting that trade is vital for growth and increases employment opportunities.