“Saudi Arabia will work as an active partner, defending its interests and those of the private sector, which has understood that there is a caring government to defend its interests,” Al-Eqtisadiah business daily quoted Al-Zamil as saying.
Al-Zamil commended a team of experts led by Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources for petroleum affairs, for its successful efforts in preventing the European Union from imposing tariffs on the Kingdom's polyethylene terephthalate (PET) exports.
Prince Abdul Aziz announced Monday that the European Commission had lifted an anti-dumping case filed against Saudi Basic Industries Corp. (SABIC) and a subsidy case against the Saudi government after having discovered the two cases do not harm EU interests.
Custodian of the Two Holy Mosques King Abdullah issued a royal decree to set up a team of experts to deal with anti-dumping cases against Saudi petrochemical exports in different countries. It showed the importance given by the government to the petrochemical industry that contributes heavily to its diversification drive and helps attract foreign investment.
The team including representatives from the ministries of foreign affairs, commerce and industry, and finance, took necessary measures to handle the two cases in Europe, resorting the help of experts in different Saudi ministries including the Ministry of Economy and Planning and the Ministry of Water and Electricity as well as international consultancy firms.
“This is a big achievement that reflects the government’s keenness to challenge dumping cases against Saudi exports,” Al-Zamil said. “The appointment of a special team under the leadership of Prince Abdul Aziz shows that the government has taken the matter seriously,” the SEDC chief said, adding that such cases pose a threat to the Kingdom’s economy.
He said the dumping campaign also encouraged petrochemical companies in the Kingdom to form a committee at the Council of Saudi Chambers to follow their interests and support Prince Abdul Aziz’s team. “This is not a simple achievement,” Al-Zamil said, adding that Prince Abdul Aziz and his team have exerted big efforts to force EU companies to withdraw their complaints against the Saudi government and Saudi Basic Industries Corp. (SABIC).
Al-Zamil said Prince Abdul Aziz’s team would continue to challenge such dumping and subsidy cases against Saudi Arabia and its companies. “The world should know that Saudi Arabia is the only country in the region that has opened up its market to all and everybody is going to benefit from its new investments worth $200 billion on infrastructure and imports. How can they consider Saudi exports as dumping,” he asked.
Mohamed Al-Mady, deputy chairman and CEO of SABIC, was equally happy over the EC decision and praised Prince Abdul Aziz and his team for a work well done. He appreciated the government’s generous support to industries in general and petrochemicals in particular.
The CEO of Saudi International Petrochemical's Co. (Sipchem), Ahmad Al-Ohali, said the success gained by the Saudi team would encourage other countries to think several times before filing any dumping cases against Saudi Arabia and its exports. In the past Turkey, India and China had filed similar cases against the Kingdom’s petrochemical exports.
“Asian and European countries have huge interests in Saudi Arabia being the largest economy in the Middle East. Prince Abdul Aziz and his team were successful in convincing the EU that they have greater interests in the Kingdom than vice versa,” he said.
