Prince Nayef inaugurates Fifth Global Competitiveness Forum

January 22, 2011

On behalf of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, Prince Nayef bin Abdulaziz, Second Deputy Prime Minister and Minister of Interior, opened in Riyadh today the Fifth Global Competitiveness Forum, which is held under the theme “Innovation as a Means to Competitiveness” and organized by the Saudi Arabian General Investment Authority (SAGIA).

Prince Nayef began his address by congratulated the audience on the safe arrival of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in Morocco following back surgery in New York last December.

“The Kingdom of Saudi Arabia gives top priority to raising the competitiveness of its economy in addition to encouraging Saudi, joint and foreign investments by granting them many incentives and facilities. The main pillar of the Ninth Development Plan of the Kingdom of Saudi Arabia for the period from 2010 to 2014 is to enhance the competitiveness of national economy as well as Saudi products in domestic and overseas markets,” Prince Nayef said.

“'I would like to point out that the most important objective of the development plans in the Kingdom of Saudi Arabia is to shift to a knowledge-based society and to promote creativity and innovation culture,” Prince Nayef added.

“The security and stability as well as the economic, regulatory and investment reforms witnessed by the Kingdom of Saudi Arabia have led to a significant increase in the flow of investments of international companies that have chosen the Kingdom of Saudi Arabia as one of the best investment destinations with low-risk investment,” Prince Nayef said.

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