In July 2000, the government invited a number of international oil companies to submit proposals for investing in its hydrocarbons projects. Firmer oil prices together with a steady increase in oil production will further fuel the recovery of Saudi Arabia's economy in the coming year. The medium to long term prospects, however, will depend on the government's success with fiscal and labour market reforms. Compared with the previous five-year plans, the Seventh Plan focuses more on economic diversification and greater role of private sector in the Saudi economy. Besides, the government has set a target of creating 817,300 new jobs for Saudi nationals.
Crude oils constitute over two-third of the country's total exports.
Other major export items are oil-related products such as refined oils and petrochemicals. Major import items include machinery, foodstuffs, metals, minerals, textiles and clothing. Saudi Arabia is the prime destination for foreign investment in the region. Major industries include petrochemicals, cement production, steel, fertilisers, building materials and textiles. Agricultural development projects have helped the country achieve self-sufficiency in wheat, eggs, chickens, milk and vegetables.