2001 News Story

Prince Salman addresses GCC industrial conference

Governor of Riyadh Province Prince Salman bin Abdulaziz opened in Riyadh today the Eighth Industrial Conference of the Gulf Cooperation Council (GCC). The two-day conference, under the title 'Opening up to Foreign Investment: Expected Impacts on the GCC Industrial Sector', is organized by the Ministry of Industry and Electricity in coordination with the General Secretariat of the GCC, the Gulf Organization for Industrial Consultation, the Federation of GCC Chambers of Commerce and Industry, the Council of Saudi Chambers of Commerce and Industry, and the Chamber of Commerce and Industry of the city of Riyadh.

In his address, Prince Salman declared that the opening up of international markets, the removal of barriers, and the setting up of protective measures, demand a commitment from the GCC states for extensive cooperation to facilitate a comprehensive industrial boom. It is reassuring, he said, that the region's countries are blessed with a number of positive elements that attract direct foreign investment, such as the advantage of strategic location and the existence of established infrastructures as well as the availability of natural resources. Referring to the Kingdom's achievements in the area of industrialization, he spoke of the government's policy of providing basic facilities and offering incentives to attract both domestic and foreign investment in the industrial sector.