Saudi Minister of Commerce and Industry Dr Hashim Yamani said the admission of the Kingdom of Saudi Arabia to the World Trade Organization (WTO) was a turning point in the history of the Saudi economy. He noted that the Kingdom has become the 149th member of WTO, which plays the role of an arbitrator for global commercial disputes. In a press statement on the fringe of the World Economic Forum, currently in progress in Sharam-al-sheikh, Dr Yamani said the admission of the Kingdom to the WTO will improve the environment of business in the country and will make more job opportunities available in addition to making the Kingdom a factor of stability in the world economy. The minister expected that the admission of the Kingdom to the WTO will attract foreign investors to come to Saudi Arabia. "Moreover, it will provide an opportunity to diversify sources of the country's economy and open the door wide for Saudi companies to export their commodities notably in the sector of petrochemicals. Dr Yamani denied that the Saudi economy no longer depends only on petroleum exports and said Saudi Arabia has been witnessing continuous development in various industries. In 2005, he said the non-petorleum exports amounted to about SR 70 billion.
