The Ministry of Planning and Economy is finalising preparations for the Eighth Five-Year Plan (2005-2010). Several committees have been formed to give a final shape to the Plan’s objectives and strategies, Riyadh Daily reported today.
The report quoted a source at the Ministry saying that all recommendations and studies compiled during its four-day international symposium on “Future Vision for the Saudi Economy,” held in Riyadh in October 2002, are being reviewed.
“These studies will be used to establish a strategic framework for the Eighth Plan. The objectives and policies of the Plan will be revised to meet today’s challenges, mobilise the Kingdom’s economic potential, increase national and foreign investment, and enhance gross domestic product. Positive steps are being taken to develop human resources. The “Future Vision” symposium will contribute new dimensions to the Eighth Plan, to realize the best possible long-term development strategy for the Kingdom,” the source said.
The Minister of Planning and Economy, Dr Khalid M. Al-Gosaibi, said: “Future vision for the Kingdom is fundamental to the Kingdom’s development, and will be predicated upon effective planning methodology. The continuity of development plans reflects our commitment to realize a strategic long-term vision for sustainable development in the Kingdom.”
“The planning experience in the Kingdom witnessed a qualitative leap with the Seventh Plan (2000-2005), which is nearing completion, reflected in the adoption of a long-term strategic vision. In that plan, the necessity of preparing a strategy with integrated features and priorities for future orientation, linked to time framework and quantitative objectives, was emphasised. This was intended to ensure the provision of the appropriate climate and policies and to mobilize resources, potential, and investment for the realization of a future vision within 20 to 30 years,” he said.
Source: SPA
