1996 News Story

Council of Ministers meeting

Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz yesterday presided over the regular weekly meeting of the Council of Ministers and confirmed that the provision of appropriate circumstances for earning a better level of profits is the essential factor for success in the mobilization and attraction of private capital for local investment in permanent assets, adding that in view of the free enterprise policy adopted by Saudi Arabia, intensive efforts should be exerted to enable private capital to be invested at the local level.

Underscoring the important role to be played by foreign trade in the process of economic development, King Fahd stated that this constitutes the link between the national and the international economy, pointing out that foreign trade requires the provision of the basis for technological and financial development as well as opening foreign markets for national industrial and agricultural products.  Referring to the importance attached to the Kingdom’s foreign trade as stemming from the fact that it is the largest oil-exporting country in the world, while constituting an important market for commodities and services, the King said:  “The reports I have been briefed on have put the Kingdom among the most important countries in the world as regards foreign trade”.Information Minister Dr. Fouad Al-Farsi reported that the cabinet, after reviewing domestic issues on the agenda, adopted a number of resolutions, including one authorizing the Minister of Agriculture and Water or whomsoever he deputizes to sign the proposed amendments to the agreement pertaining to the establishment of an organization for combating desert locusts in Riyadh Province.