• Saudi enhance the attractiveness of its economy initiatives to enhance the business environment


    In the opening of Global Competitiveness Forum and workshop
    Saudi enhance the attractiveness of its economy initiatives to enhance the business environment


    Engineer Abdul Latif al Othman said, Saudi Arabia finally launched economic initiatives to enhance the business environment. In his speech at the opening of events, workshops, international competitiveness Forum, that in 2000 there was a foreign investment law, applied in 2005, and in the same year acceded to the Convention, which began with the efforts of the development and reform of the economic and trade systems for investors for example, he said that the Saudi Industrial Development Fund provided support for long and short term, economic and industrial projects, up to 50 per cent of the cost, up to $ 133 million.

    Saudi Arabia, an attractive tax system, the report of the international system, issued by the World Bank, Saudi Arabia finished third in respect of States that attract investment, because it does not impose a tax on income and on property, sales and not to multiplicative value. He explained that Saudi Arabia has a large market for consumption, making it the best States for a free trade agreement and said: ' today is one of the largest economies in the world, and we have a young workforce constitutes 61 per cent of the workforce in Saudi Arabia, 35 per cent Under the age of 15. Kingdom offers many services and land at a low price of industrial research, storage and other business across 24 industrial cities in Saudi Arabia, and electricity and water rates low; according to him. On research and development, explained that Saudi Arabia provided financial support and grants for research, technical and scientific institutions. He said, ' I have to admit, that the theme of this Conference is not new for the Kingdom, and if there is a country based on a strengthened partnership based on excellence, is the Kingdom Al-Othman said: ' we move towards a new era, we have the diversification of economic investment to contribute to the diversification of our economy and will serve many of the investors in the Kingdom and the outside world. 'He said, ' you must be smart to take advantage of our activities and investments, in order to achieve added value and create competitive sectors. We aim to support investments and incentives, in a manner associated with these investments in our economy, the road map for the Kingdom's economy, will be outlined in the economic plan, ' we want the national interest, and the manufacturing, oil and gas, will be important for us. The other side ' contributes to our prosperity and we will support it ', is to be the Saudi Arabia of desalination technology, there was a great opportunity for the development of the desalination industry, ' and we will try to strengthen this aspect. Also, Saudi Arabia will build global partnerships for sustainable growth in new sectors, such as health care, transportation, and will continue to support partners ' health ministries ' and ' transport ', to plan spending in these sectors, to translate into jobs for citizens, that you will work with some existing firms in engineering, Contracting and local companies, and there will be initiatives in the field of engineering and the development of standards and specifications, to promote some large-scale infrastructure programs in Saudi Arabia, Dr. Muhammad al-jasser, Minister of economy and planning said, that Saudi Arabia ranks the 19 The world's largest economies, the largest in the region, and enjoys abundant energy resources, which owns 25 percent of global oil reserves, and the enormous potential of solar and wind energy, adding that Saudi Arabia is a ' link ' between East and West, is its gateway to regional markets, where it can reach nearly 300 million consumers with no more than three hours by plane from the capital Riyadh,Al Jaser said: ' Saudi economy full of vigor and vitality, where over 25 years, recorded negative growth of not only one year, as well as enjoy the Kingdom a great financial position, so that the ratio of debt to GDP is only 2.7%. The enormous investment in infrastructure, with an estimated investment of about 2 trillion WIP SR, ' is in the infrastructure construction in the fields of highways, railways, metro lines, ports, and cities. And other, as noted steer generous investment in the Kingdom education, building an educated and skilled workforce, in cognitive outcomes between local and global education, AlJaser said: ' there is no doubt that we enjoyed the competitive advantage does not mean that shrink from strive to preserve those features, and development, and the development of new features, a globalized economy in which we live is ruthless, and stand lookout for extinction and tending of laziness. 'According to economic policymaking in the Kingdom ' is sustained in the process slowly and patiently, and anticipates a long-term perspective. He said: ' our policy makers are working to monitor and identify long-term interests and positions, and then engage in the hard work to that end. 'The Saudi monetary conservative politician proved to be a wise and prudent ' were ' in the global financial crisis in 2008. It also managed to overcome the difficulties in meeting the obligations of accession to the World Trade Organization and boost competitiveness.

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