RIYADH: Energy security and the low-carbon transition are among the areas covered by a new collaboration-focused agreement signed by Saudi Arabia and the Organization for Economic Cooperation and Development. 

The memorandum of understanding, inked at the World Economic Forum in Davos, signified a strategic partnership aimed at consolidating association across various policy domains in alignment with Saudi Arabia’s Vision 2030. 

The agreement, encompassing 19 areas, outlined a framework for future collaboration, paving the way for joint efforts in substantive areas to promote the development and coordination of public policy. 

Signatories to the MoU included OECD Secretary-General Mathias Cormann and Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim.  

The agreement builds upon the longstanding collaboration between the OECD and Saudi Arabia within the context of the G20 and the MENA-OECD Initiative on Governance and Competitiveness for Development since 2005.  

Over the years, the two entities have executed numerous projects and initiatives spanning taxation, anti-corruption and public governance as well as education and development cooperation. 

During the signing ceremony, Cormann expressed the OECD’s enthusiasm for deepening cooperation with Saudi Arabia, highlighting previous collaborations on diverse issues such as taxation, education, energy, and public governance.  

He added: “Saudi Arabia’s Vision 2030 recognizes that long-term growth will depend on a policy framework to support economic diversification.” 

Saudi Arabia is already an active participant in nine OECD committees and adheres to seven of the organization’s legal instruments.  

The Kingdom’s desire to bolster cooperation is evident in its commitment to engaging more deeply with the international organization across multiple policy areas, including public governance, regulatory policy, skills and education, as well as corporate governance and finance, anti-corruption, and trade facilitation.  

To ensure a cohesive approach, Saudi Arabia has established an inter-Ministerial Committee, comprising the Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Economy and Planning.  

This committee will oversee and coordinate the Kingdom’s collaboration with the OECD.