Saudi Arabia says consolidating peace ‘fundamental pillar’ for economic growth

ISTANBUL 

Saudi Foreign Minister Prince Faisal bin Farhan said Thursday that peace and stability are essential foundations for global economic growth, stressing the need for stronger multilateral cooperation to confront political and economic crises around the world.

Speaking at the second G20 foreign ministers meeting on the sidelines of the 80th UN General Assembly in New York, bin Farhan said prosperity “cannot flourish in an environment of conflict and instability.”

He called peace “a fundamental pillar” for attracting investment, boosting trade, and building long-term partnerships to support sustainable development.

He urged stronger coordination between the UN and the G20, saying the two institutions provide vital platforms to address global governance challenges.

He said both multilateral bodies must be strengthened to resolve crises through dialogue and constructive cooperation.

Bin Farhan also pointed to Saudi Arabia’s own economic reforms, noting resilience in non-oil GDP growth, stable inflation, and record-low unemployment. He said digital transformation and green economy initiatives offer promising opportunities for building more inclusive and resilient economies.

He emphasized that recent years have shown that global challenges “do not recognize borders,” requiring collective responsibility and solidarity to tackle inequality, economic disruptions, rising geopolitical tensions, and repeated violations of international law.

Saudi Arabia, he said, remains committed to “bridging developmental and security policies” through economic diplomacy to support a more balanced, inclusive international system that responds to peoples’ aspirations for security, development and dignity.

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