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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