RIYADH, 24 December — Minister of Finance and National Economy Dr. Ibrahim Al-Assaf will address a major Saudi-US businessmen’s conference here next month. Senior Saudi and US officials will take part in the first high-profile business event of its kind organized as part of a strong confidence-building exercise after the terror attacks on the US on Sept. 11.
"We anticipate a gathering of more than 200 top Saudi and US business executives and a number of high ranking Saudi officials," said Dr. Abdullah Al-Banyan, executive director of the US-Saudi Arabian Business Council, which is officially holding the Jan. 15 event.
Robert W. Jordan, US ambassador to the Kingdom, will also address the meeting, which will focus on a whole range of commercial issues.
American businessmen are looking for major investment opportunities under the privatization program initiated by the Saudi government.
Further liberalization of Saudi economy and the Kingdom’s accession to the World Trade Organization are eagerly awaited by corporate America.
Dr. Al-Banyan said the meeting would provide an excellent opportunity to the business communities of both countries to foster commercial relations. The delegates will discuss as how to promote relations especially at a time when the major world powers are experiencing an economic slowdown.
The competitive edge enjoyed by the US companies, as the Kingdom promotes free market economies, will definitely help boost Saudi-US business ties.
The meeting will also give US businessmen to gather first-hand information about the new investment climate in the Kingdom.
According to a recent report on the Saudi-US relations, US investments in Saudi Arabia total $6 billion.
The US side has asked the Gulf states to look into issues such as intellectual property rights and trade and investment regulations, saying much has to be done particularly on the implementation front to encourage US businessmen to invest in the region, which is home to over 700 American firms.
US exports to the Gulf Cooperation Council countries contribute directly to the American corporate profitability and lower production costs.
In the oil sector, the US is the world’s single largest oil consuming and importing nation and Saudi Arabia is the largest producer and exporter.
