JEDDAH, 22 March 2007 — The Jeddah Chamber of Commerce and Industry (JCCI) yesterday extended an invitation to American businessmen and investors to take part “more aggressively” in Saudi Arabia’s booming economy. “The economy is booming, King Abdullah Economic City and four other major cities are coming up and the scope is unlimited for growth and development here. Come and do business with us and invest here,” JCCI Vice Chairman Mazen Batterjee told a meeting of US-Saudi Arabian Business Council certified trade mission at the JCCI yesterday.
Giving an overview of the importance of Jeddah as the commercial hub in this part of the world, Batterjee said: “Rabigh, north of Jeddah, will have the second biggest harbor after Jeddah and you can imagine the kind of commercial and trading activity that will be seen here.”
The Kingdom has a new investment law and the investment climate is getting better by the day. “We want you to encourage American businessmen to come and see how they can further increase bilateral trade and investment,” he added.
Israel Hernandez, leader of the 42-member US mission representing 30 companies, and assistant secretary for trade promotion and director general of the US and Foreign Commercial Service, said: “Our bilateral relations are historical and together we can build further.” There has been a slowdown in the interest of US businessmen and investors in this part of the world, especially after the 9/11 (2001) event. Visas have remained a major hurdle between the two countries. However things are improving gradually. “In my case, I got a single entry visa for three months to visit the Kingdom. We are looking at the issuance by the Kingdom of multiple entry visas,” Hernandez said.
Hernandez said the US was an open market and its companies could compete with their counterparts anywhere in the world. Nasir Abbasi, counselor for commercial affairs at the US Embassy in Riyadh, said that there were programs for capacity building, more at the bilateral private sector level than at the government level. “Issues like Shariah law vs commercial law are being tackled at the government to government level.” He indicated that the US would plan another trade mission to the Kingdom after six months.
Hernandez presented awards of appreciation to the JCCI and two leading Saudi companies — Haji Husein Alireza & Co. Ltd. and E.A. Juffali Brothers — for their contribution to enhancing bilateral commercial relations.
The mission includes Boeing, described as the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined, and Pratt and Whitney, a major manufacturer of jet engines.