RIYADH, 24 October — Minister of Planning Khaled Al-Gosaibi said here yesterday that the Kingdom will draw up a long-term development strategy taking into account the opportunities and challenges posed by globalization.
Speaking at the concluding session of the symposium on "Future vision for the Saudi economy," Al-Gosaibi said the deliberations during the last five days had provided valuable input in identifying its long-term priorities for economic development best suited to the country.
The highlights of the deliberations will be summed up into a report, which will be submitted to the Supreme Economic Council for its consideration.
There was also an exchange of ideas on how education and training programs for Saudi youths should be tailored to the needs of the employment market. All these suggestions would be taken on board by the planners.
Al-Gosaibi paid tributes to Malaysian Prime Minister Dr. Mahathir Mohamad for his speech outlining his ideas on how the Kingdom could mobilize its resources for the diversification of its economy away from oil.
The minister said the government would take note of Mahathir’s suggestions, since he was instrumental in the transformation of his country into a knowledge-based economy from one dependent on tin and rubber.
The minister said a total of 150 papers had been received from the participants. These papers, prepared by experts, together with the experience of various countries, would help in the review of its long-term goals.
Al-Gosaibi observed that the symposium had shown how the economic challenges were being met through acquisitions and mergers. It highlighted the need for financial reforms to cope with the challenges ahead.
The minister said the government had recognized the need for administrative reforms as part of its goal for promoting efficiency in the public sector performance.
He stressed that economic reforms should keep pace with global challenges, so that it was possible to embrace those changes without going overboard.
Al-Gosaibi said one of the priorities that would define governmental functioning relates to the need for reviewing the educational system and organizing training programs geared to market needs.
