A Saudi-American meeting in Riyadh to boost trade, with the participation of 83 companies
The Saudi capital, Riyadh, witnessed significant economic activity yesterday (Tuesday) with the convening of the Saudi-American Roundtable, which coincided with the launch of the ninth session of the Saudi-American Trade and Investment Council (TIFA). The General Authority for Foreign Trade organized this important event, which saw broad participation including representatives from government agencies, leading business figures, and 83 major private sector companies from both countries.
The meeting was attended by a high-level delegation including the Deputy Governor of the General Authority for Foreign Trade for International Relations, Abdulaziz Al-Sakran, the Secretary-General of the Federation of Saudi Chambers of Commerce, Walid Al-Arinan, and the CEO of the Saudi-American Business Council, Charles Hallab, reflecting the great interest in developing bilateral relations.
Strategic dimensions and historical depth of relations
This meeting underscores the depth of the strategic partnership between the Kingdom of Saudi Arabia and the United States, a relationship spanning decades and encompassing not only political aspects but also, and perhaps more importantly, economic partnership. These discussions are particularly significant in light of the Kingdom's Vision 2030, which aims to diversify income sources and reduce dependence on oil. American companies are viewed as vital partners in technology transfer, the localization of industries, and the promotion of innovation within the Saudi market.
Promising opportunities and growth in trade exchange
The participants in the roundtable discussed prospects for strengthening economic relations, exploring opportunities for trade and investment cooperation in several vital sectors, including technology, infrastructure, and clean energy. These discussions aimed to increase the volume of trade, which reached remarkable figures, amounting to approximately $33 billion in 2024, reflecting the strength of trade ties despite global economic challenges.
In a related context, Abdulaziz Al-Sakran emphasized that this meeting reflects the Authority's commitment to empowering the private sector to play a pivotal role in development. He noted the ongoing efforts to remove obstacles facing investors in coordination with relevant authorities. Al-Sakran explained that the past decade has witnessed a surge in trade relations, with total trade between the two countries exceeding $500 billion, thus establishing a solid foundation for further future partnerships.
A pivotal role in supporting non-oil exports
The General Authority for Foreign Trade plays a pivotal role in this context, not only by overseeing business councils and coordinating bodies, but also by supporting and enabling Saudi non-oil exports to access global markets, particularly the vast US market. Removing obstacles facing national companies is a top priority to ensure sustainable economic growth and enhance the global competitiveness of Saudi products.
