At a private meeting of the Saudi-British Joint Business Council on the sidelines of the Jeddah Economic Forum, Saudi Ambassador to the United Kingdom and Ireland Prince Turki Al-Faisal set out his analysis and projections for the future of Saudi-British business relations.
Prince Turki Al-Faisal praised businessmen as a breed "not only because of their economic mettle but also their relentless work in the face of the terror campaign."
He pointed to last year's British investment totaling $3.5 billion as evidence that "neither investors, businessmen nor the people paid heed to terrorists. If anything, this affirms the high level of confidence people have in the Kingdom of Saudi Arabia and its economy."
In a press statement published today, he recommended healthy competition to businessmen. "Move ahead and you will see the government behind offering its support."
In concert with the "JEF" theme of Capacity-building, Prince Turki Al-Faisal spoke of the importance of developing a qualified workforce, not only to attract foreign investment but to keep domestic investment in the country. The government he said is investing heavily in education and training. Last year alone, the government budget for this was SR3.7 billion covering 59 technical and advanced colleges.
For his part, Minister of Commerce and Industry Dr. Hashem Yamani detailed the benefits for the business community by recent economic reforms "to create a more conducive business environment." He drew attention to the privatization programs over a wide range of industries including electricity generation and distribution, sewage and desalination and the establishment of regulatory bodies to monitor their competing interests. "These efforts," he said, "support the already existing strong ties between our countries." The UK is the Kingdom's second largest trade partner after Germany in Europe.
Anticipating the closed session of the meeting, Prince Andrew said that part of his role in visiting Jeddah was to "activate relationships at the highest level" and to facilitate in resolving the few issues that needed to be addressed.
--SPA
