RIYADH, 5 October 2003 — The board of directors of the Riyadh Chamber of Commerce and Industry (RCCI) will discuss several issues related to regional and international development. The issues involve the expectations of the Saudi private sector as well as the implementation and provision of better services by the chambers of commerce.
The reconstruction of Iraq is the most prominent issue for discussion because of Saudi Arabia’s contribution to the oil-for-food aid program. Dr. Fahd ibn Saleh Al-Sultan, secretary-general of the board of directors at the Saudi Chambers of Commerce and Industry, said that the reconstruction of Iraq was estimated to cost an average of $150 billion.
The board of directors prepared a memo reviewing the participation of the Saudi private sector in Iraqi reconstruction. The role of Saudi companies would be according to their individual economic activities, producing alliances between them so as to reinforce their competitiveness in the Iraqi market. This would also include the formation of alliances and agreements with other Arab and foreign companies involved in reconstruction projects.
Dr. Al-Sultan pointed out in a bulletin released to the press yesterday that the board of directors had concluded that the Saudi Chambers of Commerce and Industry should propose ideas and present opportunities for the Saudi private sector’s participation in the reconstruction of Iraq.
It was also stated that the Saudi Chambers of Commerce and Industry should focus on drawing the attention of businessmen to the opportunities available in Iraq.
Dr. Al-Sultan also added that the board would research Saudi Arabia’s membership in the World Trade Organization (WTO). And in light of the inevitable participation of Saudi Arabia in the WTO, the board stressed the importance of finding a system to prepare the Saudi business sector.
Dr. Al-Sultan emphasized that the meeting of the board of directors would investigate electronic trade with the board moving toward Saudi electronic trade: electronic trade is essentially reviewed as it is considered to be a prominent element in implementing and utilizing the idea.
