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
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
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
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.