RIYADH, 4 September 2005 — Dr. Khaled A. Gosaibi announced that the Kingdom’s per capita income, which stood at $10,430 last year, has surged to $14,133 this year due to the sharp increase in oil revenues, according to the South Korean monthly magazine “Diplomacy.”
The magazine contains special interviews with senior Saudi ministers and the chairman of the Council of Saudi Chambers of Commerce and Industry (CSCCI) Abdulrahman Al-Jeraisy.
The interviews were conducted by Dr. Thok-kyu Limb, chairman of Diplomacy, during his recent visit to Riyadh. He said Korean investors were welcome in the electronics and gas industries, “while we are also keen to invite them in the IT field.”
Minister of Transport Jobarah Al-Suraisry said that the Kingdom was planning to construct a new terminal at the Jeddah port, “which is almost reaching its capacity.” A study was being done by Antwerp Port in Belgium. “Based on that study and the recommendations that it will come up with, we will take the decision on how to expand our port.” Minister of Culture and Information Dr. Iyad Madani announced that plans were under way for organizing a Saudi Culture Week in Korea.
Al-Jeraisy said the Kingdom was planning to inject around $650 billion in infrastructure development, education, healthcare, power generation, transportation, water desalination, technical education, training and railroad sectors.
The council’s secretary general Dr. Fahad Al-Sultan said South Korea, which was strong in information technology, should invest in the Kingdom’s IT sector by taking advantage of its competitive strength in areas such as building materials, processed food, electrical accessories and cable subsidies as well as petrochemicals.
Korean Ambassador Kang Gwang-won said that the combination of Korean technology and Saudi capital could be ideal. He referred to the scope for cooperation in the manufacturing sector, since Korea was home to world class producers of semiconductors, home appliances, automobiles, ships and steel.