The Saudi-US Business Council launched its activities on Thursday with round-table meetings between Saudi and US companies and government agencies representatives.
The meetings discussed four main economic sectors, including security, defense, renewable energy, and information and communication technology, with 14 ministries and government agencies, led by the Ministry of Investment and the Royal Commission for Riyadh City.
Senior Commercial Officer and Counselor for Commercial Affairs at the US Embassy in Riyadh Jim Golsen explained that US companies want to take advantage of opportunities in the Saudi market, the largest in the Gulf region and the Middle East.
Golsen indicated that US companies are looking for partnerships in Riyadh, reiterating the importance of strengthening US-Saudi commercial relations.
After two years of virtual meetings, he noted that the in-person meeting is an opportunity for US business owners to meet with their Saudi counterparts and see available investment opportunities, stressing his country's readiness to provide the necessary facilities to Saudi investors.
Sec-Gen of the Federation of Saudi Chambers Hussein al-Abdulqader announced that he looks forward to strengthening the strategic partnership between Saudi Arabia and the United States.
Abdulqader explained that the Saudi Chambers are working to attract significant US investments, pointing out that there are enormous opportunities for US companies in various sectors that are a priority for the Kingdom and are linked to Vision 2030, such as renewable energy, industry, agriculture, mining, tourism, and entertainment.
The head of al-Shorouk Center for Economic Studies, Abdul Rahman Baeshen, explained that the geopolitical and geoeconomic conditions and developments in the world, and their impact on energy markets and supply chains, further deepen the strategy of Saudi-US relations.
Baeshen reiterated that it benefits both economies and impacts the stability of global markets, expecting the coming period to witness more partnerships in technology and energy.
The expert believes that Washington has many opportunities in the Saudi market, backed by the Saudi initiatives launched at the level of mega projects such NEOM city and the Red Sea and Qiddiya projects, entertainment projects, health care, medical and pharmaceutical projects.
He explained that this creates a more attractive environment for the US business sector, especially since the Kingdom is Washington's largest trading partner.
He noted that the United States of America is one of the largest export markets in the Middle East.
Baeshen expects the coming period to yield the results of the planned Saudi-US partnerships in creating new job opportunities, boosting small and medium enterprises, supporting innovation, and enhancing Saudi exports.
Trade exchange between the two countries exceeded $20 billion in 2020, compared to $21.06 billion in 2019.
The United States remained the second-largest exporter of Saudi goods, while the Kingdom remained in the twenty-fourth place among the largest export markets to the US.
