RIYADH, 16 September — Riyadh Governor Prince Salman yesterday underscored various investment opportunities in the Kingdom and invited more foreign capital into the country. “All areas are open for investment by entrepreneurs from any part of the world in cooperation with our citizens,” he said.
Speaking to reporters after opening the 11th national industries exhibition here, Prince Salman disclosed the government’s move to set up industries in small towns to create job opportunities for Saudis and reduce pressure on major cities.
“There is already a move to establish higher educational institutions in towns. This trend will help provide both higher education and jobs to young Saudis,” he added.
The governor expressed his happiness over the tremendous progress achieved by Saudi industries over the past years. “Exhibitions reflect the progress achieved our by our industries,” he added.
More than 80 Saudi companies and industries as well as a number of government departments and agencies are taking part in the show, which will continue until Sept. 21.
Prince Salman agreed to a proposal to exhibit at the show products made by prisoners.He added that prisoners must get training in jail to do various jobs when they are finally freed.
The opening ceremony was attended by Industry and Electricity Minister Dr. Hashim Yamani, Commerce Minister Osama Faqeeh, Abdul Rahman Al-Jeraisy, chariman of the Riyadh Chamber of Commerce and Industry, and a large number of businessmen.
Minister Yamani said there are 3,468 operating and licensed industries in the Kingdom with a total investment of more than SR240 billion.
Chemical and plastic industries have taken the lion’s share of investment with an estimated capital of SR150 billion, followed by building materials, porcelain and glass industries with SR26 billion, metallic and machinery industries with SR24 billion and food industries with SR17 billion.
The minister highlighted the government’s support for national industries. “Establishment of industrial estates has played a major role in boosting the sector in a record time,” he told reporters.
Jeraisy said the exhibition will attract a large number of visitors as many companies are displaying products which are priced competitively.
The organizers have allocated morning hours for male visitors and evening hours for families.
Jeraisy emphasized the need for national industries to make efforts to improve quality of their products. “They should also cut production costs to face of the globalization challenges,” he added.
Export deals signed: Finance and National Economy Minister Dr. Ibrahim Al-Assaf yesterday signed a number of agreements worth SR47 million to finance export deals.
Speaking to reporters after the signing ceremony, Al-Assaf said the funds will be used to export Saudi products and services to Egypt, Kuwait, the United Arab Emirates and Jordan. The export deals, which are financed by the Saudi Fund for Development, aims at increasing inter-Arab trade.
“The fund’s Saudi export promotion program seeks to support national companies and establishments to enter international markets and enable them to compete with foreign companies,” he said.
