[Brief translation]
RIYADH - Minister of Economy and Planning Dr. Khaled Al-Gosabi has called on Japanese businessmen to invest in the Kingdom, especially in the IT, industrial, petrochemical and power generation sectors. In the keynote address at the Fifth Saudi Japanese Business Council, Dr. Al-Gosaibi said the goal of the Eighth Development Plan (2005-2009) was to achieve 30 percent growth rate in the GDP "to make the Kingdom an international center of refined oil products and export of petrochemicals, minerals and metals as well as regional and international center for advanced industrial technologies."
Among those present were deputy minister for industrial affairs at the Ministry of Commerce and Industry, Saleh Al-Hussaini, president of the Council of Saudi Chambers of Commerce and Industry Abdul Rahman Al-Jeraisy and Japanese Ambassador Yasuo Saito.
The Saudi Arabian General Investment Authority (SAGIA) had licensed 2,100 projects worth about $15 billion from 61 countries, with the overseas investors' share being $12.5 billion. This includes a total of 10 Japanese projects. Dr. Al-Gosaibi also cited the Kingdom's economic reforms program covering privatization, plans for a private domestic airline, liberalization of the power generation and telecommunication sectors.
Speaking for JETRO, Nakamura said one of the latest Japanese firms to embark upon a joint venture in the Kingdom was Xenesys which will be involved in a private sector desalination plant. It was also announced that Yellow Hat Japan which specializes in setting up one-stop shops for the sale of car accessories has concluded a franchise agreement with Tamimi Group.