American-Saudi bilateral trade exceeds $ 55 billion

American-Saudi bilateral trade exceeds $ 55 billion
Updated 30 September 2012

American-Saudi bilateral trade exceeds $ 55 billion

American-Saudi bilateral trade exceeds $ 55 billion

JEDDAH: A 12-member American delegation, representing senior staff and advisers to the US Congress, visited the Jeddah Chamber of Commerce and Industry (JCCI) on Wednesday.
They had a meeting with Deputy Chairman of the International Relations Committee Ali Hussein Ali Reza, other members of the committee and a number of business owners and officials of JCCI.
The Kingdom is the leading trade partner to the US in the region. The pace of growth in their bilateral trade volume has increased by 10 percent since 2009 and will exceed $ 55 billion in 2012.
The senior aides to congressmen talked about relations binding the Kingdom and the United States on a political, economic and educational level. They discussed how to boost investments in the two countries and which actions could ease procedures and remove obstacles.
The delegation applauded the services and contribution the JCCI provided in the development of various businesses, investment projects, to serve the commercial and industrial sector locally and globally and provide a favorable climate for foreign investment.
The two sides exchanged views on increasing private sector investment, especially in the petrochemical sector and advanced technology industries, to continue developing products for Saudi non-oil exports.
These should converge in a strong demand locally and regionally according to the highest international standards and specifications.
During the meeting, both parties talked about the cooperation between American shipping companies and the Red Sea port for exports and imports.
The delegation stressed on the increasing opportunities for trade and investment cooperation between the two countries.
The delegation showed their interest in the cooperation between businessmen of both countries to help boost trade and economic cooperation between Saudi Arabia and the US.