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With each day, critical global challenges increase risks to our businesses. Looking at the situation optimistically, businesses could argue that these challenges also present potential opportunities to pave the way to our collective future. And indeed, going back to the inception of the G20 and B20, the business community has seized many of these opportunities by delivering collaborative innovations that have benefitted us all through economic growth. Today the B20 continues to serve a critical role within the G20 promoting growth and facilitating dialogue between global leaders and private sector representatives, as we are seeing here in India.This track record fills me with pride because I am a member of the business community. In fact, I head a delegation of fellow Saudi business leaders to the B20 India forum. Our participation builds upon the Kingdom’s legacy of presiding over the B20 in 2020, which was led by my predecessor at SABIC at the beginning of the pandemic. In my B20 capacity, I have the responsibility not only to align Saudi Arabia’s business interests with those of my counterparts in other G20 nations but also to take an active role in shaping the global business dialogue for sustainable economic growth with industry leaders from around the world.The B20 in India aims to “RAISE” five distinct elements in the discussion at this year’s forum, including Responsibility, Acceleration, Innovation, Sustainability, and Equitable businesses. During a time when global challenges threaten both public and private sectors, the B20 meetings are a critical opportunity for Saudi Arabia to stand in alignment with the global business community. Further, by participating in and leading these dialogues, we have the opportunity to serve as a consistent voice for Saudi Arabia among key leaders.
Saudi Arabia, alongside the global business community, share a common goal to build sustainable, inclusive, and diversified economies that will benefit generations to come. Together, we can identify solutions that provide a cleaner, healthier, and more sustainable environment. The world is transforming at record speed, and through innovation, we are in a position to help future proof our business models and offerings that will allow us to not only keep pace with, but in some cases surpass these remarkable changes. Such efforts will not fall on our shoulders alone but will require close collaboration between the public and private sectors which is why the alignment between the G20 and B20 is so critical.
As business leaders we need to help address not just industry challenges but also broader issues that can impact current and future operations. Instead of working only to strengthen our ability to resist or sidestep disruptions, we need to evolve and adapt the way we think and conduct business. It’s no longer just a case of waiting for the next challenge – whether climate, economic or health related – and responding in real time. Rather, we must be prepared to preempt these challenges by leading our respective industries out of a defensive position to one where organizations are equipped with portfolios of ready-to-use solutions.
In addition, we must recognize the imperative for innovation with sustainable solutions in emerging economies which is paramount for both local and global prosperity. Embracing innovation within the framework of sustainability is not just a strategic choice; it’s an obligation to ensure equitable development that preserves the environment for future generations.
Saudi Arabia’s collaboration with multiple G20 countries, including India, has allowed us to develop cutting-edge solutions to some of the biggest issues faced by our society and industry today, with sustainability and technology at the core. For example, SABIC’s Technology Center in Bengaluru focuses on leveraging India’s domestic research capabilities to develop solutions not only for India but that are exportable to other areas in the world.
The B20 in India is an opportunity not just for collaboration but for innovation and change. It is possible to establish strong partnerships and still maintain a competitive edge. In fact, given the scope of the issues we face today, it is a necessity. My company, and most in attendance for that matter, have embraced collaborative innovation, and its part of what allows us to remain nimble in a world of constant change. And, most importantly, what leads us to continue being a trusted employer, value creator, and partner.
As global economic leaders gather in India, it is imperative to recognize that our collective efforts must extend beyond this summit. The partnerships forged and the insights gained during this meeting must remain top of mind, as they will undoubtedly guide our strategies and initiatives in the years ahead so that we can continue to collaborate, innovate, and grow. Only in doing so will we truly be able to “RAISE” our game in the global business community.
[Brand Connect Initiative]
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