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Human Capital and its Role in Economic Development - A Session at the Saudi-Arabian African Economic Conference.

The fourth session of the Saudi-Arabian-African Economic Conference highlighted the importance of knowledge, skills, and abilities in youth for economic growth and the impact it has on increasing economic income levels. The session was titled "Human Capital: The Key to Economic Growth," and the Deputy Minister of Economy and Planning stressed the need to focus on building human capital as a primary factor in achieving economic sustainability. Saudi Arabia has emphasized the importance of developing human capacities as part of Vision 2030 and the National Transformation Program and has allocated 8% of its GDP to support education. Speakers at the session agreed that the education sector is essential to developing human capabilities and emphasized the need for ongoing support and development, as well as balancing training and qualification. The focus should be on developing constructive job markets that contribute to improving productivity levels, with policies and strategies that ensure the development and continuity of this process. Additionally, speakers discussed the challenges facing their countries, including poverty, political tensions, and refugees, and emphasized the need for proper investment in human capacities and the optimal use of digital revolution. It was agreed that investing in education and training in partnerships between government, private, and non-profit sectors is necessary to create productive job markets that contribute positively to economic activity. In conclusion, the session emphasized the crucial role of human capital in achieving economic sustainability and development in Africa and the Middle East. The professional development of young people, combined with the use of digital technologies, is an essential aspect in creating productive job markets that stimulate economic growth.



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