Addressing a conference of the UN Industrial Development Organization in Vienna, Abdullah Zainal Alireza stressed that UNIDO’s future programs should focus on the development issues of the least developed countries, especially those in Africa.
He said the Kingdom’s accession to the WTO was instrumental in increasing its industrial exports. “We hope to achieve a number of economic benefits from this accession, most importantly the facilitation of Saudi exports to world markets and the increase of foreign investment in the Kingdom,” he said.
According to a recent report issued by the General Statistical Department, Saudi exports rose by 31 percent in 2010 to SR941.79 billion compared to SR721.11 billion in 2009. The volume of exports rose by 7 percent to reach 391,806 tons.
Foreign investment in the Kingdom has reached more than SR639 billion as a result of economic reforms introduced by Custodian of the Two Holy Mosques King Abdullah. The Global Competitiveness Report 2011-12, released by the World Economic Forum in September, put Saudi Arabia at No. 17 from No. 21 in 2010-11.
“Saudi Arabia respects its international trade commitments and all other countries must do the same,” the minister said. He insisted that countries should show flexibility during negotiations in order to complete the Doha Round of trade talks as soon as possible.
Alireza noted that Saudi Arabia has long been an active, committed member of the WTO, especially in its capacity as one of the world’s greatest sources of energy. He also noted the private sector’s increasing role in accelerating the development process.
