Crown Prince Abdullah Bin Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, presiding today over the regular weekly meeting of the Council of Ministers, stated that the Kingdom of Saudi Arabia welcomes industrial investment from overseas, and that proper policies have been adopted to promote such investment, which contributes to the transfer to the Kingdom of technology. The Crown Prince cited bilateral agreements with a number of advanced industrial nations, including the Saudi/German agreement for the promotion of investment which was signed in Riyadh last week.
Information Minister Dr. Fouad Al-Farsi reported that Crown Prince Abdullah underlined the importance of mutual investment with industrial counties with the aim of transferring technology and modern management methods to both the public and the private sectors as stated in the projects of the successive development plans over the past twenty-five years. Crown Prince Abdullah, referring to the economic offset programs concluded with major international companies, and the foreign investment system, as major achievements of the government of Saudi Arabia for the encouragement of joint ventures, and emphasizing that investment in these areas meant not only technology transfer but also the realization of good quality and the ability to compete in exports as well as the provision of adequate opportunities for training and employment of national cadres in the framework of incentives provided by the state, said: "The government of the Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz has paved the way for the private sector to set up a strong and able industrial sector with competitive power at home and overseas, and has worked to remove all obstacles that might prevent the private sector from taking a leading role in the comprehensive development process of Saudi Arabia."
Dr. Al-Farsi reported that Crown Prince Abdullah then reviewed the latest Arab, Islamic and international developments, and the steadfast principles of the Kingdom for dealing with them, notably positive cooperation under the umbrella of Islamic teachings. Regarding the Afghan situation, Crown Prince Abdullah renewed the Kingdom's appeal that the Afghan brothers stop the bloodshed and place the common interest of the country above all other considerations, and resort to peaceful dialogue with the aim of finding an end to the ordeal of the Muslim Afghan people.
After deliberating items on their agenda, the cabinet, upon a recommendation of the Minister of Finance and National Economy, approved the renewal of the agreement for commercial and economic cooperation between the Kingdom and Syria, for one year starting from 16/7/1417 (November 27, 1996). The cabinet also approved a recommendation from the Chairman of the General Presidency for Youth Welfare concerning a draft agreement for promotion of cordial ties with Bulgaria in the area of sports and in support of the Olympic Movement.