Al-Rashid made this statement while addressing Asharqia’s annual reception here Tuesday night, which was attended by Eastern Province Gov. Prince Muhammad bin Fahd, senior government officials, prominent businessmen and women and foreign diplomats.

Al-Rashid attributed the increase in foreign investment to the economic reforms introduced by Custodian of the Two Holy Mosques King Abdullah.

The Global Competitiveness Report 2011-12, released by the World Economic Forum last month, put Saudi Arabia at No. 17 from No. 21 in 2010-11.

He said the Kingdom’s membership in G20 reflects its international economic position, especially in the energy sector, which is expanding every year. In the Eastern Province alone there are 994 industries with a total capital investment of SR192 billion. The region also accounts for 18 percent of the total number of businesses.

In his speech, Prince Muhammad reiterated the government’s commitment toward providing all the required services to businessmen and women and creating an atmosphere conducive to the development of business activities in the region.

“We want to make the Eastern Province a fertile land for investment,” the governor told the gathering. “The Eastern Province has taken significant steps to strengthen its position in various sectors. We have also achieved an important position on the map of Gulf tourism,” he pointed out.

“Our region has already become the capital of Gulf industries and international conferences,” the governor said. “We are looking for qualitative development in the coming years and this requires innovative plans and programs,” he said while calling the Eastern Province “the Pearl of Gulf.”

Prince Muhammad commended Asharqia’s role in dealing with major issues of the region and taking up a number of successful initiatives. “It has been playing an important role in the development of the region.”

The governor expressed his satisfaction over the growing interest shown by companies and businessmen in social and voluntary activities. “Many businesses have upheld their social responsibility by carrying out a number of social welfare programs,” he said.

He praised the chamber for initiating a fund for events and ceremonies, adding that it would help businessmen and women in the region contribute to various social and charitable activities and public events.

In his speech, Al-Rashid highlighted the speedy economic and cultural progress achieved by Saudi Arabia, competing with other countries in the region in attracting foreign direct investment. Although Qatar is placed 14th in the WEF report, the United Arab Emirates (27th), Kuwait (34th) and Bahrain (37th) are behind the Kingdom in global competitiveness.