Global business community issues urgent call to action to G20

Global business community issues urgent call to action to G20
Global business community issues urgent call to action to G20

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Hind Al Soulia - Riyadh - RIYADH — The Business Twenty (B20) Saudi Arabia, the official voice of the private sector to the G20, concluded Tuesday the B20 Summit, under the theme ‘Transforming for Inclusive Growth’, bringing together global leaders to issue a call to action to the G20 as countries deal with the impact of the COVID-19 pandemic.

With the aim to reinvigorate the global economy and build the foundation for a more equitable world, the B20 officially delivered at the event its set of 25 policy recommendations to the G20, represented by, on behalf of the Custodian of the Two Holy Mosques King Salman, the Saudi Minister of Investment, Khalid Al-Falih.

“This year was like no other in B20 history due to the coronavirus pandemic. However, the priorities we identified before the outbreak, including trade and finance, digitalization, labor, climate and compliance, are every bit as important today,” said Yousef Al-Benyan, Chair, B20 Saudi Arabia.

“The crisis reinforced the importance of solving these issues through inclusive policymaking while underscoring the need for a coordinated international effort that supports the most vulnerable including MSMEs and women, and the Sustainable Development Goals. I urge the G20 Leaders to adopt these critical policy recommendations to advance an inclusive and sustainable agenda that creates a legacy for 2020 and beyond.”

The G20 representative on behalf of the Custodian of the Two Holy Mosques King Salman, Minister of Investment Al-Falih, said: “I would like to congratulate the leadership of the B20 and its members, especially for your proactive recommendations in light of the expectations of a second wave of the pandemic and the attention you have paid in the most pressing issues in the global economy.”

Over the course of two days, leaders from business, government and multilateral institutions addressed a host of issues including free trade, adoption of sustainable practices and the creation of opportunities for women in business to build a more prosperous future.

B20 Summit speakers included Princess Reema Al Saud, Saudi Arabia Ambassador to the US; Kristalina Georgieva, managing director, International Monetary Fund (IMF); Gordon Brown, former UK Prime Minister; Patrick Pouyanné, CEO, Total; Amin Nasser, president and CEO, Saudi ; Carly Fiorina, chairman, Carly Fiorina Enterprises; Ajay Banga, president & CEO, Mastercard; and Bill Winters, CEO, Standard Chartered Bank, amongst other prominent business leaders from G20 countries.

The topics covered in the discussions and speakers on day 1 were as follows:

• Keynote: Transforming for Inclusive Growth in the New Paradigm with Dr. Werner Hoyer, President, European Investment Bank

• Panel 1: B20 at Ten, a Decade of Impact with Richard Goyder, Former B20 Australia Chair; Daniel Funes de Rioja, Former B20 Argentina Chair; Alexander Shokhin, Former B20 Russia Chair; Yousef Abdullah Al-Benyan, B20 Saudi Arabia Chair; Teaser: Marcus Wallenberg, Vice Chairman, Institute of International Finance

• Panel 2: Redesigning Multilateralism for a New Era with Mulyani Indrawati, minister of finance, Indonesia; Dr. Mukhisa Kituyi, secretary-general, Conference on Trade and Development; Roberto Azevedo, former director General, World Trade Organization; Kristalina Georgieva; Teaser: Gordon Brown.

On day 2, the agenda and speakers were as follows:

• Keynote: Repurposing Business through Stakeholder Capitalism with G20 India Sherpa Suresh Prabhu

• Panel 1: Reinvigorating the Battle to Save the Planet with Amin Nasser; Patrick Pouyanné; Emma Marcegaglia, former CEO, ENI, co-chair, Women in Business Action Council; Teaser: Adam Sieminski, president, King Abdullah Petroleum Studies and Research Centre

• Panel 2: Building Resilient Trade Systems for Inclusive Growth with Shinta Kamdani, CEO, Sintesa Group; Ajay Banga, president & CEO, Mastercard; Mark Tucker, group chairman, HSBC Holdings; Teaser: Chad Bown, Reginald Jones Senior Fellow, Peterson Institute for International Economics

• Panel 3: Humanizing Technological Transformation with Cedrik Neike, member of the Managing Board and CEO Digital Industries, Siemens AG; Diane Wang, founder & CEO, DHgate; Cecilia Bonefeld-Dahl, director-general, DIGITALEUROPE; Teaser: Robert D. Atkinson, President, Information Technology and Innovation Foundation

• Panel 4: Advancing the Economy by Leveling the Playing Field with Princess Reema Al Saud; Carly Fiorina; Bill Winters, CEO, Standard Chartered Bank; Teaser: Gabriela Ramos, Assistant Director-General, Social and Human Sciences, UNESCO.

With the completion of the B20 Summit, the group will continue to advocate for its bold, action-oriented policy recommendations ahead of the G20 Leaders’ Summit in November, and plan for the official handover to the next host country. — SG

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