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First Edition Witnesses Participation of 6000 Participants from 40 Countries. MHRSD Minister: Holding the Global Labor Market Conference Annually

Publication date: 31 December 2023 - 18 Jumada al-thani 1445

* His Excellency Minister Al Rajhi: “We must work together to face the new reality of the labor market.”

* 70 agreements and memorandums of Understanding worth half a billion SAR signed on the sidelines of the Conference.
* The first Global Annual Labor Market Report launched, based on the conference discussions.

The Global Labor Market Conference, Held at the KAICC and attended by more than 6000 participants including international experts and specialists and a number of Ministers and government officials from 40 states, was concluded today evening. It witnessed the signing of nearly 70 agreements and memorandums of cooperation on the sidelines, worth of more than half a billion SAR.

The conference, organized by the MHRSD on December 13 and 14, witnessed about 40 sessions with the participation of 150 speakers. They discussed several issues related to the global labor market and the challenges it currently faces, as well as future ones. The sessions witnessed a wide exchange of experiences by the participants, in an effort to generate creative solutions that help be prepared for the future and create flourishing labor markets for all.
During his speech at the end of the conference, Minister of Human Resources and Social Development, H.E. Eng. Ahmed bin Sulaiman Al Rajhi, announced that he agreed with the Ministers and labor officials who participated in the ministerial session preceding the conference to hold the Global Labor Market Conference every year, to ensure the provision of a permanent platform to exchange knowledge and present experiences and practices to address market challenges. He also announced the launch of the first Global Annual Labor Market Report, which will be based on the discussions held during the sessions of the first edition of the conference.

His Excellency the Minister invited The policy makers, business leaders and the youth to work togethe to face the new reality in the world and to build a futuristic vision that helps envision the market requirements, education and training of youth as well as enhancing their skills. He confirmed that,  during its sessions, the conference reviewed the great transformation the global economy and labor markets are going through, and highlighted the effects of the Fourth Industrial Revolution led by the digital economy, and the effects of green economy efforts on labor markets and their future. He explained that these conditions will radically impact the supply and demand standards to which the world is accustomed in many economic sectors.

The agreements and memorandums of understanding that were signed on the sidelines of the conference witnessed the participation of a number of government agencies and private sector companies, including the MHRSD, the Ministry of Health, NEOM, the Human Resources Fund, Takamul holding company, Riyadh Airports Company, the National Academy for Military Industries, Future Work Company, the APD, and the Rehabilitation and Social Guidance Agency. The agreements included the launch of a set of development, training and employment programs, and the exchange of knowledge and data, with the aim of empowering multiple segments of new graduates, women, people with disabilities and others to obtain suitable job opportunities.

Among the agreements signed at the conference, the Human Resources Development Fund signed cooperation agreements with the Ministry of Health, Noem, Riyadh Air, Rua Al Madinah Holding Company, and the National Academy for Military Industries to train, qualify and employ 50 thousand male and female citizens in various vital and developmental sectors in the labor market, in addition to joint work to develop and improve the skills of nationals to join the labor market and sustain them through products, programs and services such as guidance, training and empowerment.

The APD signed a memorandum of Understanding with the MHRSD represented by the Skills and Training Agency, which aimed at establishing a formal framework to unify the two sides’ efforts, exchange experiences and apply best e-learning and training practices.

The Global Labor Market Conference is the first event of its kind that seeks to provide a unified global platform that brings together all parties, including governments, institutions, experts, academia and other stakeholders to put forward visions and unite efforts to develop the labor market and face the challenges posed by current conditions such as AI, demographic changes at global labor markets, and modern work patterns.

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