Saudi Arabia Joins G20 Startup Summit to Foster Sector Development
Saudi Arabia is actively participating in the Startup20 Shikhar summit, a major G20 event aimed at advancing the startup sector. The summit, held under India’s G20 presidency, spans two days in New Delhi and offers valuable opportunities for knowledge exchange, networking, and business promotion.
Two-Day Event: Talks, Mentoring, Networking, and Business Promotion
The Startup20 Shikhar summit features an array of activities, including insightful talks, mentoring sessions, networking opportunities with experts and policymakers, and a platform for businesses to showcase their products and services. This dynamic environment provides a fertile ground for collaboration and growth within the startup ecosystem.
Highlighting Saudi Arabia’s Achievements: Delegation Led by Prince Fahad bin Mansour Al-Saud
Leading the Saudi Arabian delegation is Prince Fahad bin Mansour Al-Saud, who recognizes the significance of this summit in showcasing the Kingdom’s accomplishments in startups, small and medium enterprises (SMEs), and entrepreneurship. The delegation aims to foster strategic global partnerships, explore investment opportunities, and share innovative ideas.
Policy Communique: Urging Increased Investment and Networked Institution Creation
At the start of the summit, Chintan Vaishnav, the chairperson of Startup20, unveiled a policy communique that calls on G20 leaders to increase their joint annual investment in the global startup ecosystem to $1 trillion by 2030. The document also emphasises the need for a networked institution comprising existing nodal agencies across G20 nations to implement the group’s recommendations. Additionally, continuity of the Startup20 project under future G20 presidencies is sought.
Focus on Underrepresented Entrepreneurs and Economic Diversification
The communique highlights the importance of supporting startups led by entrepreneurs from underrepresented groups and diverse communities across G20 nations. Saudi Arabia’s participation in the Startup20 engagement group aligns with the goals of its Vision 2030 plan, which aims to diversify the economy. The plan sets a target for the SME sector to contribute 35 percent to the Kingdom’s GDP by the end of the decade.
Vision 2030 and Biban 2023: Driving Economic Growth in Saudi Arabia’s SME Sector
Saudi Arabia’s commitment to economic diversification is evidenced by significant investments in its SME sector. In June alone, Saudi startups received $25 million in investments, surpassing other regional players. Initiatives like the Biban 2023 forum, held in Riyadh earlier this year, attracted over 105,000 participants and showcased the country’s commitment to fostering the SME ecosystem, both domestically and globally.
