Al-Gosaibi was addressing delegates to the two-day Gulf-Africa Investment Conference 2010 here which he opened.

The attending heads of state from Africa included Presidents Armando E. Guebuza of Mozambique, Thomas Yayi Boni of Benin and Abdoulaye Wade of Senegal. Finance and National Planning Minister of Zambia Situmeko Musokotwane, Economic Development Minister of South Africa Ibrahim Patel and Ghanian Vice President John Darmani Mahama also took part in the discussions at various sessions.

"We in the Kingdom have created a favorable climate to attract foreign investors by introducing new reforms to the investment regulations of the Kingdom," said Al-Gosaibi.

The Kingdom attracted $38 billion in foreign direct investment in 2008.

Al-Gosaibi said the GCC and African countries have reported remarkable growth in trade and investments in recent years. He pointed out that the Kingdom has increased its bilateral trade with Mozambique from SR97 million in 2000 to SR488 million in 2005, while its trade with Zambia reached SR1 billion in 2009 from SR953 million in the previous year. The Kingdom's two-way trade with the countries in the African continent shot up to SR21 billion in 2008 from SR13 million in 2005.

Saudi Council of Chambers of Commerce and Industry (SCCCI) President Saleh Kamel said the council has provided an effective platform for the two parties to develop their investments and business opportunities.

Abdul Aziz Sager, chairman of the Gulf Research Center, said the GCC-Africa two-way trade increased from $2.8 billion in 1990 to $6.8 billion in 2000 and further surged to $25.7 billion in 2008.

"Due to the global economic downturn, it fell to $18.1 billion in 2009," he noted, adding that the bilateral trade has grown by 170 percent in the last 10 years.

"Starting from a low level, there is huge potential for expanding GCC-Africa trade in the future," said Sager. "This can be substantiated from the GCC’s revealed comparative advantage that points to export potential in the African market in the future."

Mozambican President Guebuza conveyed in his speech his appreciation of the efforts of Custodian of the Two Holy Mosques King Abdullah,whose direct supervision had enhanced the facilities and services rendered to the Haj pilgrims this year.

Zambian National Planning Minister Musokotwane pointed out that his country has reported a growth rate of 6.4 percent and was acclaimed one of the fastest-growing countries in the region with a GDP growth of 4.9 percent.

South African Minister Patel said his country and the GCC maintain healthy trade relations. In 2006, he said, South Africa and Kuwait signed an agreement to prevent tax evasion and avoid double taxation. "We are negotiating such agreements with the Kingdom and Oman," he added.

On the sidelines of the conference, SCCCI Secretary-General Fahd Al-Sultan said the delegates are happy to exchange their experiences with their counterparts and this conference will produce tangible results for the participants.

The event focuses on fostering economic relations and is sponsored by the Saudi Council of Chambers of Commerce and Industry in partnership with the Gulf Research Center based in Dubai.