RIYADH: Emerging economies must play a greater role in global economic discussions, Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, said at the closing of the AlUla Conference for Emerging Market Economies.
Organized by the Saudi Ministry of Finance and the International Monetary Fund, the forum highlighted the need for developing nations to assert their global influence, focusing on economic diversification, deregulation, and digital transformation.
Al-Jadaan stressed that emerging markets play a crucial role in shaping international economic policies and must be confident in their contributions.
“Emerging economies will need to punch their weight. They need to gain more confidence, they need to acknowledge, understand—even with humbleness—that they have something to say to the world,” he said.
He also criticized the dominance of advanced economies in global decision-making forums, emphasizing that “advanced economies have a lot to say, but they cannot resolve a lot of the key global issues alone.”
IMF Managing Director Kristalina Georgieva echoed this sentiment, highlighting that economic growth and dynamism are increasingly driven by emerging markets.
“Where is the youth population? Where is the potential for high growth that benefits everybody? It also benefits advanced economies—it is in the emerging world,” she said.
Georgieva outlined three critical steps for emerging markets: diversification, deregulation, and digitalization.
“Diversify your economy, your trade relations, your engagement, your vision for how you move forward,” she urged.
She also emphasized the role of government in facilitating economic growth by reducing unnecessary regulations.
“The government should do that—give indication as to where, what is the direction to travel, and then get out of the way,” she said, calling for the removal of bureaucratic obstacles.
Finally, she stressed the necessity of embracing digital transformation, particularly in artificial intelligence and financial transparency, to ensure competitiveness in a rapidly evolving global economy.
The conference, described by Al-Jadaan as “possibly the first global forum” dedicated solely to the economic prospects of emerging markets, provided a platform for leaders to discuss pressing challenges and opportunities.
“Bringing experts and discussing issues, challenges, and means of actually cooperating and working together to improve the lives of the people and the emerging economies and the world at large” was a core objective, he said.
As the event concluded, Georgieva asked the audience if they would be interested in a second edition of the conference, receiving an enthusiastic applause.
She confirmed that the IMF and the Saudi Ministry of Finance would document key takeaways and begin preparations for future discussions.
“We will work with our regional office and the Ministry of Finance so we can publish proceedings from the conference. But also, we will start immediately on thinking about how we bring this forward,” she said, indicating prospects for another conference edition.
Georgieva expressed optimism about the future of emerging economies, stating her vision for a world where developing nations are no longer seen as “emerging” but as equal players in the global economy.
“My dream, by the time I finish my term, is that we retire the term ‘emerging’ because you will have fully emerged,” she said.
