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RIYADH, Saudi Arabia: Saudi Arabia must pay attention to human capital if it wants to be among the top ten globally competitive investment destinations by 2010, Singapore's Minister Mentor Lee Kuan Yew said during a visit to the kingdom's National Competitive Center in Riyadh.
Mr Lee was briefed on the kingdom's Vision 2010 which aims to put it among the world's ten most competitive nations.
In its annual Ease of Doing Business report, the World Bank has already recognised Saudi Arabia as one of the world's top reformers.
Its recent reforms improved the kingdom's position from 38th to 23rd out of 178 countries in the World Bank rankings.
It is also rated the best place to do business in the entire Middle East and Arab World.
When the centre's board members asked Mr Lee for his advice, he said it is important to look at assets as areas of strength.
He said the change within Saudi Arabia should happen at its own pace, coupled with attention to human capital and education.
Established two years ago by the Saudi Arabian General Investment Authority (SAGIA), the centre acts as an independent body to monitor, assess and support the enhancement of competitiveness in the kingdom.
The key challenges facing the kingdom includes the economy's dependency on oil, the risk of rising unemployment as a fast-growing young population enters into the labour market, and low labour productivity.
The keys to addressing these challenges include providing a good educational system, high-quality transport and communications infrastructure, and a pro-business environment with minimal bureaucracy. - CNA/ac
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