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DUBAI: A collaborative and cooperative mindset was key to mitigating the impact of the coronavirus disease (COVID-19) pandemic on the world’s business community, the head of a G20 engagement body has said.

Yousef Al-Benyan, chair of the Business 20 (B20) group, told a press conference in Riyadh that the global health crisis was one of the main considerations when crafting recommendations for the G20 Leaders’ Summit, being held in the Saudi capital on Nov. 21 and 22.

“A great deal of globalization has shown that the only way for us to overcome any challenges, is by working as one family, globally.

“During this pandemic – I think everybody cannot forget 2020 – we have come up with COVID-19 initiatives to reduce its implications to the global economy,” he added.

Al-Benyan also spoke about the B20’s work to create policy recommendations that were “inclusive, action-oriented, and differentiated.”

The Saudi businessman, who is the CEO of Saudi Basic Industries Corp. (SABIC), said the group’s emphasis had been on increasing women’s participation in business, and he noted that a separate working council within the B20 had been created to address the issue.

He pointed out that it was also important to focus attention on small- and medium-sized enterprises (SMEs), as the sector constituted 60 percent of the global economy.

SMEs, he said, should receive financial support, as well as infrastructure investment to help increase their competitiveness.

The B20 is the official G20 dialogue with the business community and represents the global business community across all G20 member states and economic sectors.

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