Trade relations between the Kingdom and the United States of America are witnessing remarkable development and interest at both the official and grassroots levels, particularly following official visits by both sides, As a result, the fourth edition of the Saudi-American Business Opportunities Forum will be held under the patronage and in the presence of the Minister of Industry and Trade, Dr. Tawfiq Al-Rabiah, on March 22 and 23, 2016, at the Ritz-Carlton Hotel in the capital, Riyadh, with broad participation from senior decision-makers and officials from both countries.

Participation of Senior Officials

The economic sectors of both countries are focusing their attention on the forum, organized by the Ministry of Commerce in cooperation with the Saudi-American Business Council, with the participation of a number of officials from both countries, led by U.S. Secretary of the Treasury Benny Bertzker, U.S. Ambassador to the Kingdom Joseph Westphal, and His Royal Highness Prince Abdullah bin Faisal bin Turki, Ambassador of the Custodian of the Two Holy Mosques to the United States.

Turki bin Abdullah Al-Taimi, Advisor and General Supervisor of Marketing and Communications at the Ministry of Commerce and Industry, and Chairman of the Organizing Committee, explained that the forum will include a review of the promising business opportunities offered by the Kingdom in various sectors, He emphasized the need to continue strengthening these relations and taking them to new heights, thereby helping to secure an environment conducive to the flourishing of trade, business, and joint projects that benefit the friendly Saudi and American peoples.

Encouraging Investment Incentives

Ahead of the launch of the Saudi-American Business Forum in March 2016, U.S. Deputy Secretary of Commerce Bruce Andrus outlined investment opportunities in the Kingdom to business leaders from the United States, highlighting the incentives the Kingdom offers to foreign investors, noting that American business leaders were keen to learn about the Kingdom’s new regulations on direct investment and the allowance for 100 percent foreign investment without the need for local agents, praising Saudi Arabia’s plans for economic diversification, the development of the investment environment, and support for job creation for Saudi youth.

Strong U.S. Interest in Investing in the Kingdom

Andros said during a recent meeting with a group of American business leaders in Riyadh that U.S. companies have a strong interest in taking advantage of the new direct investment opportunities in the Kingdom. He noted that the Kingdom is rich in attractive investment opportunities, particularly in privatization projects in education, healthcare, and infrastructure—which present opportunities for U.S. companies to invest, especially in conjunction with workforce training and development. He emphasized that the impact of falling oil prices on the attractiveness and viability of these investments is limited, During the meeting, he revealed that there is cooperation with relevant authorities in the Kingdom to streamline procedures for U.S. investment and provide facilities for investors, including the necessary licenses.

Establishing a New Trade Policy

Bruce emphasized the importance of this phase in economic cooperation between the two countries, noting that the historic visit by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to Washington, D.C., last September helped develop a strategy and plan for new economic dealings,  The U.S. Deputy Secretary of Commerce revealed plans to establish a framework trade policy to foster a joint business environment between the two countries that would further attract investors, emphasizing that this aligns with a global trend in which the majority of countries have taken serious and practical steps to make their markets more open to global foreign companies.

Figures on trade between the two countries

• The volume of U.S. exports to the Kingdom exceeded $19 million in 2015, setting an unprecedented record.
• The number of Saudi-American and joint ventures operating in the Kingdom reached approximately 609 companies by the end of 2014, including 155 industrial companies and 454 non-industrial service companies.
• The capital invested in these companies is estimated at 73.615 million riyals.
• The Saudi share was 32.136 million riyals, and the U.S. share was 39.099 million riyals.