RIYADH: Saudi Arabia has witnessed unprecedented developments in all fields due to its vibrant economy, Commerce and Industry Minister Tawfik Al-Rabiah said here on Tuesday.

The minister was inaugurating the 4th Saudi-US Business Opportunities Forum, which commenced with the support of Custodian of the Two Holy Mosques King Salman at the Ritz Carlton Hotel here.

The inaugural ceremony was attended by Finance Minister Ibrahim Al-Assaf, Minister of National Economy and Planning Mohammed Al-Jasser, Saudi Arabian General Investment Authority (SAGIA) Gov. and Chairman Abdullatif A. Al-Othman, and Arun M. Kumar assistant secretary for global markets and director general of the US and Foreign Commercial Service in the US Department of Commerce.

Senior government officials and major businessmen from both the countries were also present.

“We could see remarkable improvements in macroeconomic performance, which also include in the economic, educational, health, social, transport and communications, industry, electricity, water and agriculture sectors.”

The minister recalled that the previous meetings of Saudi-US Business Opportunities Forum were held in the United States.

“This is the first time we are holding this meeting here in the Kingdom, which also portrays the strong trade bonds between the two countries and also because the Kingdom has become an attractive investment destination,” he added.

He described the US-Saudi relations as the most powerful political and business alliance, which is the longest-lasting relationship in the world, which traces its roots back to the era of the American company's oil discovery when Standard Oil Company of California was established in the Kingdom in 1933, during the reign of Saudi founder King Abdulaziz who met the late US President Franklin D. Roosevelt in 1945.

“The forum aims to carry the two nations’ longtime strategic partnership well into the 21st century by deepening mutual relations, building new alliances and partnerships, and opening up new, as-yet-unexplored scopes for cooperation, all of which are set to reinforce the Saudi economy’s ongoing transformation and contribute to its diversification and prosperity,” he added.

Al-Assaf pointed out that the growth of the world economy is still below expectations as the outlook for global growth has slowed since October 2015 across the world. He added that the recent months have seen high volatility of global financial markets, which led to restrict funding in the global financial markets, especially for emerging markets.

Al-Othman reviewed Saudi Arabia's economic developments, especially diversification of its income sources and strengthening the competitiveness, shedding light on elements of the Saudi economy and why investors have to invest in the Kingdom.

Regarding the incentives provided by the Kingdom, he said that the current time is the optimal occasion to invest in the Kingdom. He explained that the Kingdom is the largest economy in the region and it is also the fourth fastest growing economy in the world.

He added that there are several viable sectors, which are open to foreign investors and they are supported with the needed security and attractive returns. The SAGIA and the Ministry of Commerce will announce some new developments in the retail sector before the end of this month.

Turki Al-Toaimi, adviser and director general of marketing and communication at the ministry and chief director of the forum’s organizing committee, said the importance of the event reflects the strength of the ties that bind Saudi Arabia and the United States.

It also highlights everything that is important for the grandeur of the Kingdom, the wellbeing of Saudis, and the sustained development of the national economy.

Al-Toaimi added that the selection of Riyadh as the venue of the meeting following three meetings in the United States goes to show just how important the Saudi market is to investors and the business communities of both countries.

“It is also an unequivocal indicator of just how favorable this partnership is politically and economically, given that the two countries’ relationship is built on mutual interests.”

The forum comes at a time when the Kingdom is in the process of launching a number of initiatives that aim to diversify its economy. It goes one step further toward reaffirming the Kingdom’s new objectives and trends and continues to set for a better future. This is being done out of the conviction that today’s private sector has become indispensable in effecting a transformation of the Saudi economy, which will help it create more jobs and ensure the local, regional, and international competitiveness of national products, in terms of both quality and pricing.

As the two nations strive for mutual relations based on US-bound Saudi oil exports and Saudi-bound US-produced consumables, food, and arms, the Saudi-US partnership will continue to grow, prosper, and stay abreast with ever-shifting market trends.

The two nations are fully committed to taking their relationship to the next level by shifting its basis toward creating more jobs in both countries, and greater cooperation in various economic and business fields. These are especially in areas that concern technological cooperation, the training of manpower, and reciprocal investments, given the unrivaled competitiveness of the US corporate community in various fields. They include biotechnology, health care services and their management, information technology, transportation, conventional and alternative energy, and automotive manufacturing.

Observers said that the current growth and diversification of the Saudi economy can be a boon for both the Saudi and US business communities, thanks to a windfall of important opportunities for business, trade, and innovation.

As a continuation of the two countries’ nine-decade partnership, their officials look forward today toward many more years of realized aspirations of both peoples for a better, stronger strategic partnership through the 21st century.