Saudi Arabia participated in the 2023 SelectUSA Investment Summit to promote investment and exports, with a large delegation of 75 businessmen, heads of companies, government officials, and representatives from energy, tourism, and foreign trade ministries.
The summit concluded on Friday and brought together over 4,900 people from 88 countries.
Undersecretary of the Ministry of Investment for Communication with Investors Badr al-Badr recalled the challenges faced by the world following the Covid-19 pandemic, including the disruptions of supply chains, geopolitical problems, and high inflation rates.
Badr, who chaired the Saudi delegation, spoke at the US-Saudi Business Council (USSBC) and Honeywell communication program on Saudi-US partnership opportunities, cooperation, growth, and business development.
He said that despite these challenges, the Kingdom promoted investment and created a reassuring environment, resulting in significant growth in the gross national product since the launch of Vision 2030.
He stressed that the Vision, announced by Crown Prince and Prime Minister Prince Mohammed bin Salman is the most significant transformation in the history of the Kingdom.
It paved the way for the growth of the private sector, created investment opportunities, and established foreign companies.
Badr announced that 108 companies, including 26 US firms, announced the transfer of their headquarters to Riyadh during the past two years due to the massive investment opportunities and profitable partnerships with Saudi companies.
He highlighted the investment potential in the Saudi health, transportation, tourism, and entertainment sectors, noting that they are "unprecedented opportunities" for US companies.
Saudi Arabia is seeking to invest $1 trillion and attract 100 million visitors by 2030.
The participation of Saudi women in the economy reached 37 percent, up from 29 percent five years ago, revealed Badr.
USSBC Interim CEO Susan Lindeman praised the extensive Saudi participation in the SelectUSA conference, which reflects the Kingdom's economic development at the global level.
Industry experts reported that Saudi Arabia is investing in real estate projects and substantial infrastructure projects worth $1 trillion, including the tourism sector, by developing 315,000 hotel rooms and doubling the number of hotels over the next five years to attract 100 million visitors by 2030.
The Kingdom is focusing on creating a project that serves its goal, including the NEOM project and other real estate, infrastructure, and development projects, which highlights the firm plans to implement Vision 2030 to diversify investment.
The SelectUSA summit is one of the most prominent events hosted by the US Department of Commerce.
President Joe Biden's administration aims to encourage investment in clean energy, create jobs, and develop paths for economic growth for the future.
During the summit, Secretary of Commerce Gina Raimondo emphasized that the Biden administration is proud that the US is the first destination for foreign direct investment and that this summit supports attracting investments and celebrating successful projects from investment partners worldwide.
She pointed out that over 2,300 foreign investors, senior US officials, 16 governors, 21 ambassadors, heads of missions, and foreign delegations participated in the event.
