RIYADH, 30 May — Prince Abdullah, the regent, yesterday reaffirmed Saudi Arabia’s determination to press ahead with its economic reforms by promoting privatization and opening up the local market to foreign investments.
Inaugurating the Shoura Council’s annual session, Prince Abdullah, architect of a Middle East peace initiative, also said that it was time for Israeli Prime Minister Ariel Sharon to choose between peace and bloodshed.
In a key-note address that highlighted the Kingdom’s domestic and foreign policies, Prince Abdullah said Riyadh would go ahead with its diversification program, concentrating on industry, agriculture and mineral resources.
“We’ll encourage domestic and foreign investment by taking the necessary steps to create an atmosphere conducive to investment and adopt new economic policies that go hand in hand with modern requirements,” the prince said.
He added that the Kingdom applied no restrictions on the free movement of capital. “Our taxation system for the foreign investor contains a lot of incentives while the basic system of government bans confiscation of property,” he added.
Referring to the Saudi-inspired Arab peace initiative, the prince said it had placed Sharon’s government at the crossroads. “There is a path of peace and justice represented by the Arab initiative and the path of aggression, intransigence and oppression that leads to more bloodshed for all.”
Prince Abdullah said Arabs have already chosen peace by adopting the land-for-peace plan he presented at the Arab summit in Beirut last March. The plan offers Israel normal ties with Arab states in return for total withdrawal from Arab lands.
“It must be said that the initiative is the beginning of the road and not the end; we will face obstacles and difficulties,” the regent said. He called upon Arabs and Muslims to shoulder their responsibilities to achieve a just and comprehensive peace settlement in the Middle East.
Prince Abdullah said his peace initiative was aimed at achieving a just and comprehensive settlement without affecting the rights of the Palestinians, including the right to an independent state with Jerusalem as its capital, and the right of refugees to return.
On his recent visit to the United States, the prince said he had found considerable understanding on the part of President George W. Bush of the Arab stand on the Palestinian issue. He had promised to work for reaching a just and acceptable solution.
Speaking on economic reforms, the regent disclosed the government’s plan to promote tourism to strengthen the economy, create more jobs for Saudis and open opportunities for small- and medium-scale investment projects.
