RIYADH, 8 April 2004 — Reforms initiated by the government in the private sector have resulted in boosting inter-state trade relations, according to the Saudi Committee for the Development of International Trade (CIT).

“More foreign trade delegations are visiting Saudi Arabia to promote products than last year. At least one delegation comes per week while a Saudi team goes out once a month to promote Saudi products abroad,” said CIT Secretary-General Omar A. Bahlaiwa on Tuesday.

Bahlaiwa noted that this is an indication of the strengthening of the Saudi economy, with the gross domestic product touching $211 billion and growing at 2.3 percent per annum. Private sector growth is at four percent and 44 percent of GDP.

He said that exports of non-oil products are booming, exceeding $9 billion. “We’re promoting and encouraging exports from the Kingdom. Financing facilities for exporters are also available,” he added.

Promotion of Saudi products in the world market has been one of the main thrusts of the Council of Saudi Chambers of Commerce and Industry (CSCCI) under Dr. Fahd S. Al-Sultan, CSCCI secretary-general.

Aside from the many local companies participating in the reconstruction of Iraq, Bahlaiwa said that potential projects in various sectors — telecommunications, infrastructure, construction, water services, and tourism — would also be undertaken.

“Tourism is one potential sector for investment,” he said. “The banking sector has been widening with foreign banks coming in. The latest of them is Deutsche Bank of Germany,” he said.

He added that Saudis have been undergoing training to cash in on the various opportunities open to them.

“The General Organization for Technical Education and Vocational Training (GOTEVOT) and other institutions have been giving training in the government and private sectors, respectively. GOTEVOT has done a lot as far as the training of Saudis is concerned. I hope that in four to five years, we’ll have highly-trained Saudis,” he said.

Opportunities for non-Saudis opened up with the activation of the Saudi Arabian General Investment Authority (SAGIA) under which foreigners could have 100 percent business ownership. SAGIA has a one-stop shop to help them as far as the different government ministries are concerned.