Saudi Arabia and the US are witnessing mutual efforts to strengthen ties between suppliers and buyers.
Over 130 companies are participating in the Saudi trade delegation to the US, while a trade delegation from Washington visited the Asharqia Chamber to bolster the rapidly advancing economic relations.
On Wednesday, the Saudi Export Development Authority disclosed its initiative to organize the Saudi trade mission to the US, aligning with its role in facilitating networks between exporters and potential buyers and opening new markets for Saudi products.
The Saudi trade delegation to the US included over 24 Saudi companies and over 100 US institutions of various sectors. The goal is to enhance economic and trade relations between the countries and explore new collaboration opportunities, promoting Saudi products and services in the US market.
- Bilateral meetings
The mission included several bilateral meetings, business matchmaking sessions, and signing agreements and memoranda of understanding (MoU) between the Saudi and US parties.
Saudi non-oil exports to the US have seen a growth rate of 10.68 percent annually between 2018 and 2022. During this period, non-oil exports were valued at $11.7 billion, with chemicals and polymers leading the way at $4.6 billion, followed by building materials at $2.1 billion.
The organization of the trade mission underscores the Saudi Export Development Authority’s relentless efforts to promote exporters and their products, facilitating relations with potential buyers, stimulating non-oil export growth, and pushing for more openness towards international markets.
It aims to support the national economy, aligning with the objectives of Vision 2030 in diversifying income sources.
- Trade exchange
The Asharqia Chamber organized a meeting for the US trade delegation specializing in technology, medical management, pediatrics, occupational therapy, education, and training.
Chairman of the Board of Directors of the Chamber Bader al-Reziza explained that the US is one of the Kingdom’s most important trading partners, with a joint trade volume of $40.5 billion.
Reziza revealed that hundreds of US companies and brands are operating in the Kingdom, boosting the rapidly developing commercial relations, considering the new procedures and incentives the national economy provides.
- Saudi investment environment
For her part, the Trade Officer at the Consulate in Dhahran, Tatyana Aguirre, confirmed the development of the investment environment in the Kingdom.
Aguirre referred to the recent legislation and regulations constituting a great incentive for US companies to invest more in Saudi Arabia.
She pointed out that this development came based on its Vision 2030, representing a significant difference and economic recovery that attracted international investors, making it easier for US companies to enter and expand in this dynamic market.
The official also mentioned that the Kingdom has achieved successive economic milestones over more than 70 years, leading to its position in the G20.
The recent Saudi-US economic partnerships further exemplify the strength and robustness of the relations between the two nations.
