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Forum on investment in the Kingdom

Paris, 20th October 2000
An International Forum on Investment and Exporting in the Kingdom of Saudi Arabia started its session here on Thursday. Prince Abdullah bin Faisal bin Turki, the Governor of General Commission for Investment, attended the Forum organized by the French Center for External Trade in coordination with the Council of Chambers of Commerce in the Kingdom.

Source: SPA

SABIC profits announcement

Riyadh, 20th October 2000
The Saudi Arabian Basic Industries Corporation (SABIC) today announced net profits worth SR3 billion for the first nine months of 2000 compared with SR858 million over the same period last year. The announcement made by the company's government representative Mohammed bin Hamad Al-Madi said SABIC's sales exceeded SR18 billion, an increase of 44% on the same period last year.

In a statement to the Saudi Press Agency, he attributed the increase in profits to the improvement in the prices of most petrochemicals in the international markets, compared with last year. The report said production also increased over the first nine months of 2000 to 20.7 million tons, an increase of 11 percent compared with the same period of 1999.

Source: SPA

Four new cases of RVF are reported

Riyadh, 19th October 2000
Four new cases of Rift Valley Fever (RVF) were reported from Tuesday evening up to Wednesday evening. No deaths were reported, according to a statement issued here on Wednesday evening by the Media Department at the Ministry of Health. The statement noted that the total number of reported cases since the appearance of RVF up to Wednesday evening stood at 409. Of these, 188 people have recovered, while 80 patients have died.

Source: SPA

Kingdom/South Korea communiqué

Riyadh, 19th October 2000
The following joint communiqué has been issued at the end of Prince Sultan's visit to South Korea:

In response to an official invitation from the South Korean Government, Prince Sultan bin Abdul Aziz, the Second Deputy Premier and Minister of Defense and Aviation and Inspector General visited Seoul from 17 to 19 of October, 2000.

During the visit, Prince Sultan was received by South Korean President Kim Dae-Jung, with whom he held positive and fruitful talks. He also held talks with South Korean Premier Han-Tong Yi, Chairman of the National Council, Defense Minister Sho Sung-Tae and other senior officials. The talks tackled bilateral relations as well as regional and international topics of common interest.

At the level of bilateral relations, the two sides paid tribute to the achievements in the various fields of cooperation and voiced satisfaction over the developments of these relations. The two sides agreed to continue to develop the balance of trade and encourage investments, joint ventures and expansion of the scope of cooperation in economic, industrial, technological, technical and petrochemical domains.

The two sides disclosed their will to conclude an agreement on reciprocal encouragement and protection of investments. Other agreements will also be signed. In the field of oil, the two sides voiced satisfaction over their joint investments and emphasized their joint will to strengthen their relations in the field. The Korean side praised the Saudi policy which aimed at oil market stability.

The two sides also voiced satisfaction over the positive results attained by their delegations within the framework of the Saudi efforts exerted by the Kingdom to join the World Trade Organization (WTO). A bilateral agreement had been concluded on penetration of markets in the fields of goods and services according to the offers made by the Kingdom in this regard.

South Korea gave assurances of its commitment to assume a constructive role in the process of negotiations aimed at enabling the Kingdom to join WTO on fair terms which achieved the required balance between obligations and anticipated benefits.

The two sides agreed to the continuation of cooperation and exchange of visits between military officials as well as continuation of scholarships for officers in the academic and military institutions in both countries.

On peace process in the Middle East, the two sides voiced deep concern over the painful events that had taken place recently between Palestinians and Israelis, resulting in numerous victims amongst civilians. The two sides expressed deep sympathy with these victims and their relatives. They confirmed that the peace process should be just and fair.

The two sides underscored the importance of the issue of the Holy City of al-Quds [Jerusalem] where no unilateral action should be taken. They emphasized that efforts should be made to achieve a just, comprehensive and lasting peace based on the relevant UN resolutions and according to the Madrid Conference, the land-for-peace principle and the complete recovery of all occupied territories.

The two sides also voiced hope that the constructive policy adopted by South Korea on the relations between it and North Korea will lead to the establishment of a practical basis for peaceful coexistence based on reconciliation and reciprocal confidence. The two sides also underscored the importance of getting rid of weapons of mass destruction and urged all countries to join and sign the relevant pact.

Each side voiced appreciation of the effort exerted by the other party for the restoration of security and stability in the Middle East and Northeast Asia. Both sides condemned all acts of terrorism. They voiced satisfaction over the fruitful visit of Prince Sultan, stressed the importance of following up the results of the visit and of exchanging visits among officials of both countries to develop and support relations in various areas to serve the common interests.

Source: SPA

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 June 28, 2001 15:34:03