Global Labor Market Conference Inaugurated in Riyadh

Riyadh, Dec 13 (PTI) Minister of Human Resources and Social Development (MHRSD) of Saudi Arabia Ahmad bin Sulaiman Al-Rajhi inaugurated the first Global Labor Market Conference (GLMC) at the King Abdulaziz International Convention Centre here on Wednesday.

The opening ceremony, presided over by Al-Rajhi, saw over 6,000 participants and attendees from over 40 countries, including ministers of Saudi Arabia, policymakers, leaders of multinational organisations, heads of business, academics, and representatives of labour.

In his opening address, Al-Rajhi highlighted Saudi Arabia's role in pioneering efforts that bolster international labour markets, allowing them to keep pace with frequent changes.

Dynamics of the labour market today are altogether different from those in the past, including an increased demand for skills required by future jobs, new professions, and the changing nature of the global workforce.

Al-Rajhi shared statistics on the ongoing labour market dynamics, both related to emerging technology, such as the expectation that artificial intelligence technologies will create 133 million jobs by 2030, as well as those related to changing worker preferences, such as the approximately 22 million people in the US who now work full-time from their homes.

Citing these factors, Al-Rajhi called for efforts to ensure new technologies are implemented to maximise value for the global economy, build work environments free of exploitation, and avoid widespread sudden job loss.

Calling Saudi Arabia's local labour market as one of the world's most diverse, he said it is a preferred destination for some of the global community's brightest minds and top talents.

He highlighted how this includes local talent as well, particularly young Saudis who have achieved high levels of education.

Al-Rajhi emphasised on Saudi Arabia's keenness to cooperate with international partners to strengthen resilience in light of past international crises that demonstrated the need for a unified approach.

The opening ceremony made way for the start of the two-day conference, in which about 150 experts will participate and discuss a wide range of issues, including sessions focused on the current challenges and future changes facing the labour markets.