Saudi Gazette report

DAVOS — Saudi Arabia and the Organization for Economic Co-operation and Development (OECD) have strengthened their collaboration by signing a Memorandum of Understanding (MoU).

The agreement, which was formalized at the World Economic Forum (WEF) Annual Meeting 2024 in Davos, Switzerland, aims to enhance public policy initiatives across a diverse range of sectors, including the economy, taxation, corporate governance, and sustainability.

This strategic partnership highlights Saudi Arabia's proactive approach toward multilateral cooperation and its commitment to establishing balanced, collaborative institutional frameworks that support long-term prosperity.

The collaboration will manifest in various activities, such as joint research, information exchange, sharing statistical data, organizing meetings and events, and aiding Saudi Arabia's efforts to align with OECD standards. This alignment process will include evaluation and comparative analyses of policy practices.

Saudi Arabia's involvement with the OECD is not new; the Kingdom is already engaged in nine OECD committees and adheres to seven OECD legal instruments. This deepened cooperation will further Saudi Arabia's involvement in significant policy areas, including public governance, regulatory policy, skills and education, corporate governance and finance, investment policy, anti-corruption measures, and trade facilitation.

Central to this partnership is a shared commitment to principles like good governance, integrity, transparency, and reliance on evidence-based policy. As Saudi Arabia continues to advance its Saudi Vision 2030, these global collaborations are set to play a crucial role in shaping policies that promote economic growth, environmental sustainability, and social development.