In a compelling address delivered on Thursday during the second G20 foreign ministers meeting, held on the sidelines of the 80th United Nations General Assembly in New York, Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan, underscored the indispensable role of peace and stability as foundational pillars for fostering global economic growth. His speech resonated with urgency, as he called for enhanced multilateral cooperation to address the multifaceted political and economic crises that continue to challenge the international community. The minister’s remarks, grounded in a vision of collective responsibility, highlighted the interconnectedness of global challenges and the need for coordinated action to ensure sustainable development and equitable prosperity.
The Imperative of Peace for Economic Prosperity
Prince Faisal bin Farhan opened his address by emphasizing that peace is not merely an abstract ideal but a pragmatic necessity for economic advancement. “Prosperity cannot flourish in an environment of conflict and instability,” he declared, articulating a perspective that ties global economic health directly to the absence of turmoil. This assertion reflects a growing recognition among world leaders that economic growth is inextricably linked to political stability. Conflict-ridden regions, marked by uncertainty and insecurity, struggle to attract the investments necessary for development, while stable environments create fertile ground for trade, innovation, and long-term economic partnerships.
The minister elaborated on this point, describing peace as “a fundamental pillar” for creating conditions conducive to sustainable development. He argued that peace fosters an environment where businesses can thrive, investors feel secure, and governments can focus on long-term planning rather than crisis management. By prioritizing peace, nations can unlock opportunities for economic diversification, infrastructure development, and technological advancement. For Saudi Arabia, this perspective is not theoretical but a guiding principle in its national and foreign policy, as the Kingdom seeks to position itself as a hub for global investment and innovation.
To illustrate the practical implications of this philosophy, Prince Faisal pointed to Saudi Arabia’s own economic transformation. Over the past decade, the Kingdom has undertaken ambitious reforms under its Vision 2030 initiative, aimed at reducing dependence on oil revenues and fostering a diversified, knowledge-based economy. The minister highlighted the resilience of Saudi Arabia’s non-oil GDP, which has shown consistent growth despite global economic uncertainties. Stable inflation rates and record-low unemployment levels further demonstrate the success of these reforms. By investing in digital transformation and green economy initiatives, Saudi Arabia is not only strengthening its own economic foundation but also setting an example for other nations seeking to build inclusive and resilient economies.
Strengthening Multilateral Institutions for Global Governance
A central theme of Prince Faisal’s address was the urgent need to bolster multilateral institutions, particularly the United Nations and the G20, to address the complex challenges facing the world today. He described these organizations as critical platforms for global governance, capable of facilitating dialogue and cooperation on issues ranging from economic inequality to geopolitical tensions. “The UN and the G20 must work in tandem to resolve crises through constructive cooperation,” he urged, emphasizing that fragmented or unilateral approaches are insufficient in the face of interconnected global challenges.
The minister’s call for stronger coordination between the UN and the G20 reflects a broader recognition that global problems—such as climate change, economic disruptions, and violations of international law—require collective action. The G20, representing the world’s major economies, plays a pivotal role in shaping global economic policies, while the UN provides a universal platform for addressing political and humanitarian issues. By aligning their efforts, these institutions can create a more cohesive framework for tackling crises that transcend national borders.
Prince Faisal stressed that multilateralism is not just a mechanism for cooperation but a moral imperative. He pointed out that recent years have exposed the fragility of the global order, with rising geopolitical tensions, economic disruptions, and repeated violations of international law undermining trust in international systems. From conflicts in Eastern Europe to humanitarian crises in the Middle East and Africa, the world is grappling with challenges that demand a unified response. The minister called for a renewed commitment to dialogue, arguing that only through open and constructive engagement can nations resolve disputes and build a more stable and equitable world.
Saudi Arabia’s Role in Bridging Development and Security
A significant portion of Prince Faisal’s speech focused on Saudi Arabia’s commitment to integrating developmental and security policies through economic diplomacy. This approach, he argued, is essential for creating a balanced and inclusive international system that prioritizes the aspirations of people for security, development, and dignity. By aligning economic initiatives with efforts to promote stability, Saudi Arabia is positioning itself as a leader in fostering global cooperation.
The minister highlighted several initiatives that exemplify Saudi Arabia’s approach. For instance, the Kingdom has invested heavily in renewable energy projects, such as the ambitious NEOM city, which aims to be a global hub for innovation and sustainability. These projects not only contribute to economic diversification but also address pressing global challenges like climate change. Similarly, Saudi Arabia’s efforts to promote regional stability—through mediation in conflicts and support for humanitarian initiatives—demonstrate its commitment to linking security with development.
Prince Faisal also emphasized the importance of addressing inequality, both within and between nations. He noted that economic disparities exacerbate instability, creating fertile ground for conflict and extremism. By promoting inclusive economic policies and investing in education, healthcare, and infrastructure, Saudi Arabia is working to create opportunities for its citizens and contribute to global efforts to reduce inequality. The minister called on other nations to adopt similar approaches, arguing that collective responsibility is essential for building a world where all people can thrive.
Global Challenges Require Collective Responsibility
Throughout his address, Prince Faisal underscored the borderless nature of contemporary global challenges. “Recent years have shown that global challenges do not recognize borders,” he said, pointing to issues such as climate change, pandemics, and economic disruptions that affect nations regardless of their geographic or political boundaries. These challenges, he argued, require a collective response rooted in solidarity and shared responsibility.
The minister highlighted several specific issues that demand urgent attention. Rising geopolitical tensions, fueled by competition for resources and influence, threaten to destabilize entire regions. Economic disruptions, such as supply chain crises and inflationary pressures, have ripple effects that impact both developed and developing economies. Meanwhile, repeated violations of international law undermine the rules-based order that underpins global stability. Prince Faisal called for a renewed commitment to upholding international norms and resolving disputes through dialogue rather than confrontation.
In this context, Saudi Arabia’s leadership in promoting multilateral cooperation takes on added significance. The Kingdom has played an active role in international forums, advocating for policies that promote economic resilience, environmental sustainability, and regional stability. For example, Saudi Arabia’s hosting of the G20 summit in 2020, during the height of the COVID-19 pandemic, demonstrated its ability to lead global efforts to address pressing challenges. By prioritizing issues such as global health, economic recovery, and climate action, the Kingdom has shown its commitment to shaping a more inclusive and resilient international system.
Economic Diplomacy as a Tool for Global Stability
Prince Faisal’s speech also highlighted the role of economic diplomacy in fostering global stability. By leveraging its economic influence, Saudi Arabia is working to build partnerships that promote mutual prosperity and security. This approach involves not only bilateral agreements but also active participation in multilateral initiatives that address global challenges.
For example, Saudi Arabia has been a key player in efforts to stabilize global energy markets, which are critical for economic growth. As one of the world’s leading oil producers, the Kingdom has worked to balance supply and demand, ensuring that energy prices remain stable and accessible. At the same time, Saudi Arabia is investing in renewable energy and green technologies, recognizing that the transition to a sustainable economy is essential for long-term global stability.
The minister also pointed to the importance of digital transformation in building resilient economies. In Saudi Arabia, investments in technology and innovation have driven economic growth and created new opportunities for young people. By sharing its expertise and resources, the Kingdom is contributing to global efforts to harness technology for development. This includes initiatives to bridge the digital divide, ensuring that developing nations have access to the tools and infrastructure needed to participate in the global economy.
A Vision for a More Inclusive International System
At the heart of Prince Faisal’s address was a vision for a more inclusive and equitable international system. He argued that the current global order, while effective in some respects, has failed to address the needs and aspirations of many people around the world. Issues such as poverty, inequality, and lack of access to education and healthcare continue to hinder progress, particularly in developing nations.
To address these challenges, the minister called for a renewed focus on people-centered policies. This includes investing in education and skills development to prepare young people for the jobs of the future, as well as expanding access to healthcare and social services to improve quality of life. By prioritizing the dignity and well-being of individuals, nations can create stronger, more resilient societies that are better equipped to address global challenges.
Saudi Arabia’s own experience provides a model for this approach. Through Vision 2030, the Kingdom has implemented sweeping reforms aimed at empowering its citizens and fostering inclusive growth. Investments in education, healthcare, and infrastructure have created new opportunities for Saudis, particularly women and young people. At the same time, the Kingdom’s foreign policy emphasizes cooperation and partnership, with a focus on supporting development and stability in the Middle East and beyond.
Conclusion: A Call to Action for the Global Community
Prince Faisal bin Farhan’s address at the G20 foreign ministers meeting was a powerful call to action for the international community. By emphasizing the interconnectedness of peace, stability, and economic prosperity, he highlighted the urgent need for collective action to address global challenges. His vision for a more inclusive and resilient international system, grounded in multilateral cooperation and economic diplomacy, offers a roadmap for building a better future.
As the world grapples with rising geopolitical tensions, economic disruptions, and environmental crises, Saudi Arabia’s leadership provides a beacon of hope. By investing in sustainable development, promoting regional stability, and advocating for stronger multilateral institutions, the Kingdom is playing a pivotal role in shaping the global agenda. Prince Faisal’s message was clear: only through solidarity and shared responsibility can the international community create a world where all people have the opportunity to thrive.
In closing, the minister reiterated Saudi Arabia’s commitment to bridging developmental and security policies, fostering dialogue, and supporting the aspirations of people around the world. His speech serves as a reminder that, in an interconnected world, no nation can succeed in isolation. By working together, nations can build a more stable, prosperous, and equitable future for all.
