Riyadh: Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi today inaugurated the second Global Labor Market Conference. The event, held at the King Abdulaziz International Conference Center in Riyadh, brought together 40 labor ministers from the G20, Europe, Asia, the Middle East and Africa, and the Americas. It also featured the participation of International Labor Organization Director-General Gilbert Houngbo, along with global experts, leaders, and more than 5,000 participants and 200 speakers, including policymakers, specialists, and experts from over 100 countries.
According to Saudi Press Agency, in his opening remarks, Al-Rajhi stressed that since its establishment a year ago, the conference had become a leading platform for shaping the future of labor markets, thanks to the valuable contributions and participation of attendees from around the world. He highlighted the conference’s critical importance amid the major transformations shaping and reshaping global labor markets.
He noted that the world is witnessing rapid technological advancements, fundamental demographic shifts, and emerging challenges such as climate change adaptation, all of which require proactive and bold steps to prepare for future challenges. The minister also addressed the growing global challenges in the labor market, noting that around 67 million young people are currently unemployed, and nearly 20% of individuals aged 15 to 24 are neither employed nor engaged in education or training programs. Also, around 40% of employers face difficulties filling job vacancies due to a mismatch between workforce skills and labor market demands, with youth unemployment exceeding 30% in some regions of the world.
He outlined several pioneering initiatives launched by the Kingdom under the Saudi Vision 2030 to empower its workforce and drive labor market transformation. These include training programs, legislative initiatives, the National Youth Development Strategy launch, and the Cooperative Training Policy.
Al-Rajhi also unveiled two key initiatives aimed at turning challenges into opportunities. The first is the launch of the Labor Market Academy, based in Riyadh, while the second is the Future Outlook Report, which provides practical recommendations based on in-depth research and presents innovative strategies to bridge skills gaps and promote lifelong learning.
