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Saudi 'committed to energy market stability'

Riyadh, February 26, 2012

Saudi Arabia will work with the G20 nations and other global financial institutions to find the most effective solutions for recovery to the global economy, said a top government official.

Dr Abdullah bin Mohammed Ibrahim Alsheikh, the Speaker of the Shura Council, was delivering his keynote speech at the third 'G20 Speakers' Consultation Meeting' held under the theme “Sustainable Economic Development for a Safe World” in Riyadh.

The meeting was hosted by the Shura Council under the patronage of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud.

Dr Alsheikh said the Kingdom was committed to working with the global community for energy markets stability.

“The world is undergoing developments at various levels, particularly with the financial crisis taking several countries into economic recession and sovereign debts, in addition to the fluctuations in exchange rates and increasing unemployment rates,” he observed.

“There is a close link between the environment and development, from which the concept sustainable development has emerged. So protection of the environment is key to sustainable development,' remarked Dr Alsheikh.

'And as energy plays an important role in building mutual relations among global economies, it is considered as the main driver of economic growth and sustainable development,” he added.

He pointed out that activating international co-operation to create markets for energy requires transparency and stability. “It should serve the interests of both producers and consumers, with a need to support research and investments in the diversification of energy sources and reduction of impact on the environment.”

Saudi Arabia, he said, will spare no effort to work with the international community to stabilize energy markets and support the dialogue of producers and consumers for the sustainability of global economic growth.

“We were one of the first countries to work towards achieving the Millennium development goals,” he stated.

“This is because we attach great importance to sustainable development issues and the increase in public expenditure allocations to education, health and social development,' he remarked.

'We believe the objectives of global economic balance and laying the foundations of the overall economic development, can only be achieved by sustained collective efforts and cooperation based on a sense of shared responsibility through the development of a genuine global partnership for development,' he added.

The keynote speech was followed by the Progress Report presented by Dr Fahaad M. Al-Hamad, the assistant speaker to Shura Council and chairman of the preparatory committee.

The Meeting’s first session then discussed the global intercultural dialogue, with the chairman of Turkey’s Grand National Assembly, CemilÇiçek, pointing out the significance of cultural dialogue to global economic processes.

“With the help of common sense, the discussions taking place here today can make a rapid change to the world,” said Çiçek. “Our world has always been diverse, but it is in a meeting like this that separation and extremism can be tackled.”

“Technology and globalization have made diversification ever present; but now we need to equip the international community well to deal with the level of diversification that the world has reached,” he added.

VanninoChiti, the VP of the Senate in Italy, also highlighted the importance of including intercultural dialogue in the program, saying Italy was a convinced advocate of this.

“In Western thinking, the autonomy of state and religious life has gone to a point where religion has disappeared and is purely a private matter,” he said.

“We failed to understand the significance of religion in human lives and its promotion of dignity of every human being’s life. No peace between nations is possible without peace between faiths,” he stated.

At the end of the first day, the delegations visited the Shura Council headquarters for the screening of a documentary on the Kingdom and the Shura Council, and commemorative shields were presented to delegations’ heads at a special reception.

The event, seen as one of the most important international parliamentary meetings, concludes today with participants representing the major economic forces of the world.

According to the observers, Riyadh’s discussions will culminate in new visions, ideas and recommendations aimed at strengthening parliamentary co-operation in the face of the economic, environmental, social and other challenges that require a collective response by the G20 member states.

They are also expecting some important outcomes that can help governments to improve their economic performances.-TradeArabia News Service




Tags: economy | Saudi | Riyadh | Shura Council | stability | energy market | G20 |

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