JEDDAH, 25 June 2003 — The first Jeddah Industrial Forum held yesterday focused on the private sector’s participation in mining as well as on issues related to the acquisition and merger of industrial firms.
“There is vast potential in the mining industry for investment and exploitation by the private sector with an eye on exports and returns,” Sultan Shawali, assistant deputy minister for mining investment in the Ministry of Petroleum and Mineral Resources, said in his opening address.
Jeddah Chamber of Commerce and Industry (JCCI) Chairman Adel Faqih said the aim of the forum was to discuss problems openly. “One of the most important elements of any successful meeting or discussion is complete openness and transparency. It is important to recognize that there are many problems facing the industrial sector in Jeddah.”
He said among the problems was the need for better infrastructure in Jeddah Industrial City. “Lack of infrastructure is currently a cause of extra operational costs that may hinder competition,” he said.
However, he said, there were nearly 800 fully operational factories in Jeddah that had succeeded despite difficulties.
He said the forum was meant to allow people in the industrial sector to meet on a regular basis and provide direct interaction with decision-makers. He stressed the usefulness of a forum where ideas could be exchanged, especially to identify obstacles and suggest solutions.
The forum — entitled “For a Better Industry” — may be the start of a series of forums dealing with industrial matters in the hope of improving and strengthening the industrial sector, participants said.
Speakers stressed the opportunities in the mining sector.
“We have tremendous amounts of unexploited raw materials. The private sector has shied away from investing as the mining sector needs a lot of capital. Surely, banks can be involved in such ventures,” Waleed Al-Banawi, executive vice president of Banawi Industrial Group, told reporters at the Jeddah Hilton.
