Istanbul, Safar 29, 1438, November 29, 2016, SPA -- President Recep Tayyip Erdogan of Turkey today inaugurated the seventh Bosphorus summit under the theme "An International Goal an International Future" in the participation of official delegates from 70 countries including heads of state, prime ministers, senior officials and businessmen with the Kingdom of Saudi Arabia invited as guest of honor. The Kingdom's delegation to the three-day event was led by Dr. Majed Al-Gasbi, Minister of Commerce and Investment. Addressing the gathering, Dr. Al-Gasbi voiced that the Kingdom is planning to occupy an advanced economic rank by the year 2030 despite the world economic recess, citing the key economic reforms projected by the Saudi economy over the coming few years. He cast light on the Kingdom's plan to launch a number of non-oil economic reforms including promising economic sectors and government services, thanking organizers of the event for choosing the Kingdom as guest of honor. The economic summit is scheduled to study, among other issues, Saudi Arabia's vision 2030 and Turkey vision 2023. --SPA the president disclosed that his country is facing exceptional circumstances that need to be met with exceptional support from partners and international financial institutions. He drew the attention that his government has launched a package of economic and financial reforms to attract investment. --SPA 22:16 LOCAL TIME 19:16 GMT www.spa.gov.sa/w279751