Economic development with peace emphasized

The 7th edition of the Riyadh Economic Forum, which enjoys international attention because of its high-level of participation and discussion on important research papers on the growing economy of the Kingdom was inaugurated under the patronage of Custodian of the Two Holy Mosques King Salman on Tuesday.

Commerce and Industry Minister Tawfiq Al-Rabiah, who opened the forum on behalf of King Salman, said: “Our endeavor is national development, peace and prosperity through economic progress.”
The key address highlighted the role of the private sector in meeting the Kingdom’s goal of diversifying its economy and maximizing opportunities for its citizens.
The minister exuded hope that the private sector will fulfill the responsibilities and trust reposed in it. He noted that the government is trying to simplify regulations to streamline the labor market and also promised to address concerns of the private sector.

Speaking at the opening ceremony, Abdul Rahman Al-Zamil, chairman of the Council of Saudi Chambers (CSC), said: “The forum is taking place at a time when we are witnessing challenges in the wake of oil price slump. But thanks to the strong determination of our dynamic leadership, we are keeping the momentum of growth with multisectoral development.”
He added that the Riyadh Chamber of Commerce and Industry (RCCI), the main organizer of the forum, is committed to economic responsibility and working in a very transparent manner to put the things in order.
The welcome address was made by Saad bin Ibrahim Almoajil, chairman of the board of directors, who asserted that brainstorming sessions over next two days would revolve around all the challenges and opportunities.

Prince Saud bin Abdullah Al-Thunayan Al-Saud, chairman, SABIC, said: “Our focus is on development with peace and stability, which is prerequisite for economic prosperity. Our economy is doing well and Saudi businesswomen are also contributing handsomely to economic development.”
The opening was attended by a large number of diplomatic corps, government officials and corporate giants. The forum will primarily focus on five broad categories including legislation and regulation, human and natural resources, and infrastructure during the technical sessions. The forum will conclude on Thursday.