KUALA LUMPUR, 21 May 2008 — Saudi Arabia’s information and communications technology (ICT) sector offers tremendous opportunities for investors as it achieved nearly 30 percent growth over the past years.
During a panel discussion on Doing Business in Asia at the 16th World Congress on Information Technology (WCIT 2008) here yesterday, Ali S. Al-Soma, minister’s adviser for IT and director general of the e-government program, said Saudi Arabia streamlined rules and regulations to attract more foreign investment. “Saudi Arabia is a peaceful and stable country and because of its prime geographic location it is an ideal place to do business,” Al-Soma said.
He said the Kingdom is opening up its economy for investment and because of the initiatives of the Saudi Arabian General Investment Authority (SAGIA) investments are pouring into the country. “It’s the right time for foreign companies to enter the Saudi market as major opportunities are waiting for them in various sectors,” he said. Al-Soma said Saudi Arabia’s ICT sector, the largest in the Middle East and Africa, is showing brisk pace over the last few years and contributes more than five percent to the gross domestic product.
Dr. Ahmed Al-Yamani, director general of ICT sector, SAGIA, while focusing on creating the infrastructure and infostructure for ICT development, said that the major problem the sector is facing is talent. “There is a lack of qualified talent. The government is doing its best to create an infrastructure to educate and train people to fit in the system,” Al-Yamani said.
Dr. Maximus Johnity Ongkili, Malaysia’s minister of science, technology and innovation, said many people “may not realize that we are living more and more in a digital ecosystem. Today, broadband, wireless technology, and next-generation networks are changing the parameters for our economic and private lives.”
Thiru A. Raja, Indian minister, called for bilateral relations between the Asian countries in ICT sector and invited foreign companies to participate in the development of the sector.