Saudi-US Economic Relations 3 Riyadh

Tuesday 1438/8/20 - 2017/05/16
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The visit of Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defense, witnessed many economic activities, as he met with a number of US officials and discussed ways to develop relations to serve the two countries' interests.
The Deputy Crown Prince's meetings focused on the efforts in combating terrorism, the Kingdom's Vision 2030, trade and investment between the two countries, and localization of military industries. A number of cooperation agreements were signed in this regard.
Also, the Deputy Crown Prince met with US Energy Secretary Ernest Moniz, and discussed with him a number of topics, including research, technology, energy efficiency, computing and renewable energy, as well as current developments in the petroleum market and support for the joint efforts to stabilize energy markets.
On Ramadan 19 , 1437, a number of Saudi Ministers participated in the meetings of Saudi-American Business Council, in conjunction with the visit of the Deputy Crown Prince to the United States.
The meetings discussed means of improving investment environment, diversifying the national economy in terms of growth in sectors and localization, privatization in terms of increased private sector participation, as well as the vision of the Kingdom 2030 and the National Transformation Program 2020.
During the Saudi-American Business Council's meeting, Minister of Commerce and Industry Engineer Majed Al-Qasabi gave a speech where he pointed out that the Kingdom of Saudi Arabia has many huge investment opportunities, ranging from conventional oil, gas and chemicals, mining and services sectors, information and communications technology, biotechnology, renewable energy, nanotechnology, entrepreneurship, entertainment and economic cities.
Engineer Al-Qasabi added that the Kingdom enjoys a large economic market with a gross domestic product of ($ 800 billion), as well as a large number of national young talents.
In this regard, Vice President of the Saudi-American Business Council David Callahan stressed that US side is interesting in increasing the volume of investment in the Kingdom at the level of giant, medium and small enterprises.
-- SPA
16:14 LOCAL TIME 13:14 GMT