Saudi Arabia is no longer content to be "the gas station to the world," and is determined to diversify its oil-rich economy by investing in manufacturing and technology businesses, the Saudi minister of commerce and industry said Wednesday.
Saudi Arabia
is no
longer content to be "the gas station to the world," and is
determined to diversify its oil-rich economy by investing in manufacturing and
technology businesses, the Saudi minister of commerce and industry said
Wednesday.
Abdulla Alireza said the country is committed to using its wealth gained from
the world's largest proven oil reserves to develop a robust private business
sector. Alireza said the country's leadership is particularly interested in
expanding oil-related industries, such as chemical production, and other types
of high-value manufacturing. He added that the Saudis have overhauled their
financial system, improved corporate governance laws and eliminated legal
barriers to attract more foreign investment and trade with other countries.
During a speech to the U.S.-Saudi Business Opportunities Forum in
Chicago
,
Alireza said the Saudis are aggressively developing a higher education system
that will supply the engineering and research talent needed to support advanced
technology and medical industries. The number of government-supported
universities now totals 25, a three-fold increase since 2006. The country also
has a goal of raising investment in research and development to 3% of gross
domestic product by 2020 from 0.5% currently.
"
Saudi Arabia
is
moving away from being the gas station to the world," said Alireza, one of
several Saudi government representatives making pitches for more
U.S.
investment and trade with
Saudi
Arabia
. "Sustainable economic
growth and real diversification is the goal of
Saudi
Arabia
."
Saudi Arabia
's
history of close relations to the
U.S.
government and its stable monarchy under King Abdullah Bin Abdulaziz make it an
appealing trading partner for
U.S.
companies. The country accounts for nearly 25% of
U.S.
exports to the
Middle East
, the largest share of any
country in the region.
More than 800 people, including about 150 from
Saudi
Arabia
, attended Wednesday's opening
sessions of the two-day event. Among the
U.S.
participants were Jim Owens, chief executive officer of construction machinery
manufacturer Caterpillar Inc. (CAT) and Jim McNerney, CEO of aircraft maker
Boeing Co. (BA).
Owens' said the
Peoria
,
Ill.
,
company is supplying machinery for large, complex projects to upgrade or expand
the country's transportation and power generating capacity.
"There are many other opportunities in the emerging Saudi Arabian economic
environment," Owens said. "We're very encouraged by the positive
changes taking place throughout the kingdom."
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