The Saudi Minister of Commerce and Industry, Dr Hashim bin Abdullah Yamani, said that the Kingdom of Saudi Arabia has made great progress on its program for reform, which has built the Middle East’s strongest economy.
Speaking at the 10th International Conference of the United Nations Industrial Development Organization (UNIDO), currently in progress in Vienna, Dr Yamani said that the Kingdom has exerted strenuous efforts to develop and enhance its industrial and economic development.
He said the Kingdom’s development policies have focused on boosting private sector capabilities. He cited significant reforms in the Kingdom’s foreign investment system, taxation system, and system of foreigners ownership of real estate, and noted the establishment of several organizations, including the General Commission for Investment, the Industrial Cities Commission and various technological centres.
Yamani spoke on the Kingdom’s endeavour to join the WTO, citing its recent agreement with the European Union, which grants Saudi goods and service sectors accession to European markets. The Kingdom is seeking similar agreements with the United States of America.
Al-Naimi said that Saudi authorities are according significant attention to small and medium-sized businesses, noting the role of those enterprises in expanding the Kingdom’s economic base and creating job opportunities for Saudi nationals. He urged UNIDO to focus on fighting poverty in under-developed countries in its program for 2004-2005.
Source: SPA
