US-Saudi Arabian Business Council discusses economic effects of COVID-19

Syed Umarullah HussainiWeb Editor

30th Apr, 2020. 11:27 am
Economic

The US-Saudi Arabian Business Council hosted a virtual town hall meeting on Wednesday to discuss the B20’s COVID-19 initiative. Meeting addressed economic effects of the global pandemic. The meeting aimed to raise awareness of the efforts by the B20.

Saudi Arabia holds the presidency of the G20 this year, and Dr. Abdulwahab Al-Sadoun is The Kingdom’s “sherpa” of the B20, responsible for the operational management of the presidency of the group.

Dr. Abdulwahab Al-Sadoun, who oversees operational management of the Saudi presidency of the G20 this year made a keynote speech in the meeting.

In the speech he highlighted the ways in which the B20’s COVID-19 initiative tapping into the expertise of the global business community in an effort to mitigate the economic crisis caused the pandemic.

However He also touched on the effect of the crisis on B20 Saudi Arabia’s approach to its key areas of focus, and the role of the business community in future crises of a similar magnitude.

Moreover in particular, he noted that the 2021 G20 summit will be held in Italy, which is one of the countries worst affected by the pandemic.

He stressed it is important to adopt a collaborative approach to tackle a crisis of this scale, and the need to protect workers through a coordinated response from, and ongoing discussions between, the global business community and governments.

In addition to this Al-Sadoun said “COVID-19 demonstrated clearly that SMEs (small and medium enterprises) were more exposed to suffer economic consequences,” .

Furthermore turning to other B20 priorities, Al-Sadoun said that the participation of women has been prioritized for the first time, adding that their representation in the group now stands at 34 percent.

B20 Members

The members of which are business leaders from the G20 nations, and provide US and Saudi private-sector organizations with a platform to share their experiences during the health crisis, to help develop practical recommendations that can be presented to the G20.

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