Al-Rabiah and Al-Othman upbeat on royal directives

Two key government officials have welcomed the Royal directives aimed at expanding foreign (value-added) investments from the US.
In a joint communique issued from the US, Tawfiq Al-Rabiah, commerce and industry minister, and Abdullatif A. Al-Othman, governor and chairman of the board of directors of Saudi Arabia General Investment Authority (SAGIA), said the new trade and investment regulations would  facilitate the businesses of international companies and provide them necessary incentives to carry out direct businesses provided that their offers and bids include the manufacturing plans with specific time limits, as well as technology transfer, employment and training for Saudi citizens.
The statement was issued during the US-Saudi Investment Forum in Washington.
The high-profile conference was held conjunction with the official visit of Custodian of the Two Holy Mosques King Salman to the US.
The forum, organized by the Counci of Saudi Chambers (CSC), in coordination with the US-Saudi Business Council and SAGIA, brought Saudi and US government officials and business leaders on a common platform to discuss business and investment opportunities in  sectors such as Downstream Petrochemicals, Health and Medical Care, Education and Training,Financial Services  and Industrial Development.
The communique stressed the Kingdom`s desire to open the way for foreign companies to invest in the wholesale and retail sector, with ownership proportions exceeding the ratio committed by the Kingdom in the World Trade Organization (WTO).
The statement pointed out that the aim of the Royal Decree is to attract international manufacturing companies directly and allow them to sell their products directly to the consumers.
Besides increasing competitiveness, the statement said it would also provide  good employment  opportunities for Saudi youths and also
help them  train and develop their human resource skills.
The officials said such a move would make the Kingdom an international center for distribution, sales and a place for re-export of manufacture products in the Kingdom.
Under the new regulation, the Ministry of Commerce and Industry and the General Authority for Investment have invited major international manufacturing companies to submit their offers and bids indicating their plans and contributions to be provided, by allowing them to sell their products directly in the Kingdom.