Assistant Secretary General of JCCI Mohyi Al-Deen Hakami (middle) and Abdul Aziz Al-Surai, head of JCCI Industrial Committee, speak to journalist at a press conference announcing a workshop promoting industrial investment in GCC. Fatima Muhammad Saudi Gazette JEDDAH — Saudi Arabia has eased restrictions on foreign investment for the betterment of the economy, technological advancement and job creation, said Muhyi Al-Deen Hakami, assistant of the secretary general of the Jeddah Chamber of Commerce and Industry (JCCI). Answering a Saudi Gazette question about the percentage of foreign investment in the Kingdom, he said “we are far less tough when setting rules for foreign investments, unlike other countries which require all employment to be local. (In our case) we ask only for 20 percent of Saudization for any foreign investment." Abdul Aziz Al-Surai, head of the Industrial Committee, JCCI, said there is no specific figure that can indicate the strength and presence of foreign investment in the Kingdom. The two speakers where talking in a press conference at the JCCI headquarters here to announce the first workshop to help promote industrial investment in GCC to be held on Oct. 6. The workshop comes after a study has been achieved throw the JCCI cooperation with Gulf Organization for Industrial Consulting (GOIC). The study addresses number of issues, including potential industrial opportunities, challenges facing this sector in the region, and industrial investments that GCC countries lack. The workshop will help boost the industrial investments in GCC countries. It has also specified a number of industrial investments that the region lacks including food, minerals and plastic. Al-Hakami will also highlight the need to provide investment consulting to help businesses heading to this region to identify priorities and guide them during their investment mission. The event will provide the data that every investment would need before and after launching a business in the region. Information collected includes up-to-date data, said Hakami, and is generated from government bodies, industrial sector and includes economic and social insight. Moreover, Al-Surai said the committee aims to unify efforts with other GCC countries for the economic benefits of the region. “In the end, our committee is limited to Jeddah and areas around it, while this organization could provide accurate data about the entire region. The collaboration with GCC is crucial not only to traders but rather to the leaders of these states," Al-Surai noted. On a question about reducing the pressure on cities by establishing industrial areas in rural areas, he said “this is something the authorities are considering. JCCI has done a study to highlight industrial investment opportunities in Laith, Rabiq and Al-Qunfuda two years back. A copy of the study has been submitted to the governorate and regional municipalities," Al-Surai pointed out. However, Hakami said industrial investment needs infrastructure to be able to be moved to or started in rural areas. “It is known that the creation of such businesses in rural areas will benefit those areas, create jobs and reduce pressure on major cities, yet infrastructure must come first," he noted.
