Falih delivered to the group was that the current global financial crisis proved that serious and bold investments in establishing qualified institutions and companies, particularly manufacturing companies, is a smart option that provides lucrative, low-risk returns in the long run. Al-Falih reassured the local industrial sector that, despite the current tough global economic conditions and the challenges faced by the energy sector, the Kingdom still holds on to its long-term investments in expanding its oil and gas sectors and its programs to enhance local and global energy supplies. Saudi Aramco's numerous needs, he said, are similar to those of other major sectors such as the petrochemicals, water and electricity sectors. Al-Falih also called for using the slackening periods witnessed by the global economy to formulate future investment strategies and prepare for the coming economic expansion periods. He also called on the private sector to focus on accelerating the development of oil and gas services as well as local industries to turn the Kingdom from a net importer to a leading exporter of oil and gas-related goods, services and technologies. --MORE
