RIYADH, 5 December 2007 — The Third Riyadh Economic Forum (REF) concluded yesterday with a call for the establishment of a separate ministry for infrastructure development to sustain economic development in the Kingdom.
Spelling out the recommendations, Mohammed Al-Katheeri, secretary general of the REF, said that a separate ministry is important for infrastructure development since such a central body would be in a position to monitor and facilitate all types of projects throughout the Kingdom.” This would not only create a conducive economic environment but also motivate private sector participation in more projects.”
The conference also dispelled allegations that the public sector was not given an opportunity for participating in the deliberations. Refuting accusations, Al-Katheeri told delegates at the conference that the REF Secretariat sent out 6,000 invitations to members of both public and private sectors, government and nongovernmental bodies throughout the Kingdom.
The delegates also suggested that the Public Investment Fund (PIF) be made a corporation accountable to the Supreme Economic Council. Such an independent council will accelerate the economic growth of the country, Al-Katheeri said. He added that the Saudi Arabian Monetary Agency should transfer its investment services to the proposed corporation to ensure a smooth flow of local and foreign investments to the country. “The surplus fund from the oil revenues should be transferred to the corporation for viable projects.”
The house also felt that the Ministry of Planning should coordinate cooperation among the Ministry of Education, Ministry of Higher Education and General Organization For Technical, Education and Vocational Training to build the local human resources. “Working women should be given necessary protection and rights to work in a comfortable and secured environment.”
Functions of the public sector should be streamlined to offer better services to the nation and officials should be given proper training by the Institute of Public Administration to improve the efficiency of the government service. The house also requested the Shoura Council to review the functions of the government service and find ways and means of eliminating bureaucracy and corruption.
The forum also recommended a National Arbitration Council for commercial cases to create a proper judicial environment which would enhance investor confidence. “The judges of such a council should be well-educated and be conversant with relevant laws of the land.”
The concluding session of the forum was chaired by Health Minister Dr. Hamad Al-Manie who is the acting minister of Commerce and Industry. The others who were present included Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry and REF Chairman Saad Al-Moajil.
In his concluding remarks, Manie stressed the importance of joint cooperation between the private and the public sectors. “They cannot run without each other for the progress and prosperity of the nation.”
