…Lauds labour market reforms
From Chinenye Anuforo, Saudi Arabia
Safaa EL Tayeb EL-Kogali, the World Bank Group’s Country Director for the Gulf Cooperation Council (GCC), celebrated the institution’s 50-year partnership with Saudi Arabia during her address at the Global Labor Market Conference (GLMC) in Riyadh.
El-Kogali emphasized the Kingdom’s transformation under Vision 2030, particularly its labor market reforms.
“The Kingdom of Saudi Arabia underwent a marvelous transformation since the launch of its Vision 2030. At the very heart of these changes are the reforms in the labour market, helping create more and better jobs, especially for youth and women. The World Bank has been a close partner in this journey, and we are proud of it”, El-Kogali stated.
El-Kogali echoed World Bank Group President Ajay Banga’s sentiment that “jobs offer a pathway out of poverty, empower women, inspire younger generations, and strengthen communities,” highlighting the Kingdom’s success in achieving this.
She praised Saudi Arabia’s 2020 labor strategy, which involved legal reforms, new programs, and institutional capacity building, noting the World Bank’s role in providing advice and technical assistance. “Some of the reforms have been difficult. Some were met with skepticism, but with evidence, data, research, and examples of good practices from everywhere around the world, they managed to overcome the hurdles and achieve impressive results”, she acknowledged.
She cited the dramatic increase in female labor force participation from 16% to 36% in just six years as a prime example of this success. “This is not only important for the Saudi economy and society, but it is also a shining example for the rest of the region and the world,” El-Kogali emphasized.
El-Kogali stressed the importance of knowledge sharing and highlighted the GLMC as a platform for this exchange. “As a knowledge bank, we are keen to broker knowledge exchanges across the world to the benefit of all,” she said. She noted the second edition of the GLMC and the first Saudi Arabia World Bank Global Labor Market Academy as key initiatives in facilitating this dialogue. “The Global Labor Market Academy brought over 55 policy makers from around the world to Riyadh to learn from each other about labor policies and programs,” she explained.
She also announced the launch of a joint PLNC-World Bank report on youth employment, aiming to address the challenges facing young people entering the workforce. El-Kogali underscored the global employment crisis, citing figures of approximately 400 million unemployed people and a projected 300 million job deficit for young people in emerging economies over the next decade. “This is why this gathering is more important than ever,” she asserted.
“We all need to work together and share our experiences to help tackle these challenges and create a better future for all people around the world, especially in the global labs.”
She concluded by thanking the Ministry of Human Resources and Social Development, the Cabinet, and the GLMC for their partnership with the World Bank in making the event possible. “It offers a great contribution to the global dialogue on labor policies,” she stated.