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   Top Saudi Arabia Business News     

WTO entry vital for penetrating global markets

Dammam, 4 December 2000

Prince Abdullah bin Faisal bin Turki, Governor of the General Investment Authority (GIA), has said that Saudi Arabia's membership of the World Trade Organization is the key to penetrating the international market.

After building a complete infrastructure and achieving self-sufficiency in several sectors, the target was now the international market, Arab News today quoted the Prince as saying.

The GIA Chief was delivering his keynote speech at a function held at the Chamber of Commerce and Industry here Saturday night to honor five local companies for their outstanding performance.

For his part, Prince Mohammad bin Fahd, Governor of the Eastern Province, commended the five companies for their efforts in promoting Saudi products abroad and presented them with awards for their excellent performance.

The five companies, which received the award, include Saudi Arabian Alkaline Co., Estra, Qahtani Pipe Coating, Binzagr Walls, Olayan and Arabian Kimberly Clarke.

Calling on the private sector to move forward and reach for the international market, Prince Abdullah bin Faisal said currently the Saudi market was very attractive for foreign investors.

Referring to the new investment rules, he expressed his confidence that many international companies would now like to set up business ventures in the Kingdom.

He revealed that at present licenses for foreign ventures worth SR4 billion were under process. Similarly, there were nearly 15 units undergoing expansion programs at a cost of SR100 million.

Prince Abdullah reiterated the aims and objectives of the GIA and said it was ready to provide all kinds of help both to national sectors and foreign investors.

EPCCI President Khaled Al-Zamil said Saudi products has earned a good reputation the world over and that the presentation of export awards to five local companies was evidence of the priorities set by the private sector.

Source: SPA

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 June 28, 2001 15:51:23