Saudi- Kingdom's development priorities analyzed

(MENAFN- Arab News) More than 700 participants from several countries took part in the Saudi Industrial Development Fund (SIDF) Forum for Promising Regions.Commerce and Industry Minister Tawfiq Al-Rabiah opened the event in Riyadh.It took place with the support of Finance Minister Ibrahim Al-Assaf.Speaking at the opening session Al-Assaf said that the successive development plans emphasized the importance of balanced development between regions.He said the event coincides with the start of the Tenth Development Plan which emphasized the vital role of industrial development as an effective tool in achieving balanced development goals.This will contribute he said to fiscal policies to achieving this goal through the coordination of the Ministry of Finance and Ministry of Economy and Planning. 'I realized decades ago the importance of economic diversification and promoting comprehensive development and we established many special development plans and programs of government funding to serve each and every relevant field' he said. Al-Assaf invited investors to explore the promising and lucrative opportunities in Saudi Arabia.Tawfiq Al-Rabiah trade and industry minister also spoke at the event referring to the issuance of industrial licenses electronically. He also said that the time needed to obtain customs exemptions by industrial investors has dropped from eight months to two weeks.Al-Rabiah pointed out that the Ministry of Commerce and Industry statistics indicate that there are 6800 factories in the Kingdom with investments of about one trillion riyals with 935000 workers.Referring to the number of of factories in the promising areas the minister said Hail captured the biggest portion of the factories and funding facilities compared to other regions thanks to abundance of incentives.He appreciated the boost given by the Ministry of Finance to the Saudi Industrial Property Authority (Modon) in promising areas in addition to the role played by the Saudi Industrial Development Fund (SIDF) on how to attract investments.Transport Minister Abdullah bin Abdulrahman discussed the role of transportation in the national economic development. With regard to supporting promising fields he said the most important initiatives include the establishment of economic and industrial cities in several areas to diversify the sources of income and to encourage medium manufacturing industries. He said that the ministry adopted many of the plans and programs scheduled for implementation such as roads and intersections to facilitate access to economic and industrial cities such as the King Abdullah Economic City in Rabigh highway from Jeddah to Rabigh and Madinah.Abdulrahman Al-Zamil president of the Council of Saudi Chambers stressed the need to create more lucrative career opportunities for young Saudi nationals. The forum was organized by the Saudi Industrial Development Fund (SIDF).