KSA, Germany pledge to spur industrial invesment

Saudi Arabia's pavilion in Hanover Industrial Exhibition 2013 hosted the Saudi Economic Forum in cooperation with the German-Saudi liaison office for economic affairs.
The event was attended by a number of senior public officials and executives from the private sector. Present at the forum was Minister of Commerce and Industry Tawfiq Al-Rabiah, Saudi ambassador to Germany Usama Shubukshi, and Abdullatif Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA).
Al-Rabiah read a paper about the investment environment in Saudi Arabia and its strategies in attracting investors. He stressed Custodian of the Two Holy Mosques King Abdullah's vision that industry is the key to economic diversification.
Philipp Rosler, federal minister of economics and technology, spoke about the deep economic relations between his country and Saudi Arabia. He commended the high trade volume between the two countries and expressed his wish that the industrial investment volume be increased.
Al-Othman also read a paper that discussed the vibrant Saudi economy, which is served by a developed financial system and adequate infrastructure and government investment expenditures. The Saudi ambassador stressed the fact that the embassy facilitates the procedures for German investors going to the Kingdom. He expressed his satisfaction that the Saudi-German relations are at a high point in economic cooperation.
Saleh Rashid, director general of the Industrial and Technology Parks Commission (ITPC), presented a paper that described the mission and objectives of the Saudi industrial parks, and highlighted IPTC's keen interest in attracting investments and capital.
He discussed the achievements and progress of the Saudi industrial parks in terms of area and number. He also said that IPTC spared no effort in training and developing the working cadres.
Martin Schumacher, board member of ABB-AG commended the valuable Saudi-German economic ties and urged that there should be a focus on environment-friendly industries.