The Saudi Arabian General Investment Authority (SAGIA) is set to host in September the second Group-4 meeting of the Organization for Economic Cooperation and Development (OECD) in Jeddah. This is the second meeting between SAGIA and the OECD, under the theme Promoting employment and economic diversification through financial sector and enterprise development, according to a report published today by Saudi Gazette. The OECD will discuss the recommendations on the agreed output areas with the MENA (Mideast and North African) countries. A report from this meeting will be presented in the next ministerial meeting in November. The objectives of the Working Group-4 aim at assisting the MENA countries to promote and implement policies in financial sector and enterprise development in support of economic diversification, with particular interest in job creation. Some of the key topics that will be discussed in the meeting are Economic Diversification Strategies for MENA countries, Financial Sector Development, and Entrepreneurship Development. In the last OECD meeting held in February, economic diversification was one of the main concerns for MENA countries. It was underscored that a diversified economy based on competitive advantages was critical to create more jobs, as well as economic development and sustainable growth. Challenges on reforms of the financial markets in MENA countries as well as recommendations will be discussed in this meeting. A proposal for an action plan on employment creation and entrepreneurship financing will also be presented in the meeting. During the first meeting, there were discussions on fostering entrepreneurship, the start of new businesses and to strengthen micro-enterprise and SME development in the region. A report on the results of a workshop on promoting women's entrepreneurship will be discussed in the upcoming meeting. The results of a task force meeting held last May in Abu Dhabi will be presented, identifying the areas for future action. The Fourth Working Group consists of Saudi Arabia, Algeria, Bahrain, The United Arab Emirates (UAE), Qatar, Kuwait and other countries from Mideast and North Africa. Other participants will be the World Bank, World Bank/FIAS, UNIDO, Islamic Development Bank, Arab League, Inter-Arab Investment Guarantee Corporation, and Transparency International.
