Trade between Saudi Arabia and the United States has almost doubled in the last three years, from less than $ 39 billion (SR 146 billion) in 2008 to $ 74 billion (SR 277.5) this year, said US Ambassador James Smith.

“You cannot have a strong bilateral relationship unless you have a solid foundation. Our strength lies in business, education and medicine,” said Ambassador Smith in his speech at his country’s 237th National Day celebration in the presence of Riyadh Gov. Prince Khaled bin Bandar, who was accompanied by his deputy Prince Turki bin Abdullah.

Ambassador Smith disclosed the newly founded platform for the exchange of trade communication, the Saudi American Virtual Trade Forum (SAVTF).

This public and private partnership aims to promote Saudi-US business ties through business advocacy, technology and knowledge transfer, in addition to sharing the best practices and capacity-building in the Kingdom.

On the website www.savtf.com, American companies can connect with Saudi companies and begin their relations even before they meet face-to-face.

“I commend this initiative as it demonstrates our commitment to offering US and Saudi businesses a means to gather on a regular basis, discuss relevant issues and capitalize on potential business opportunities.

“Every connection between the American and Saudi businessmen is a brick in the foundation. Every Saudi student who goes to school in America is a brick in the foundation, every English teacher who comes here is a brick in the foundation.

“At this time of year when we celebrate our national day, Ambassador Smith and the entire US Embassy would like to thank the Saudi people and the Kingdom’s leadership for their continued confidence and faith in US products and services” said a separate statement yesterday.

“We are also celebrating the 80th anniversary of diplomatic relations with the Kingdom of Saudi Arabia that began in 1933,” Smith told a large crowd of senior Saudi officials, businessmen and foreign diplomats.

Last year, the US Embassy in Riyadh and its consulates in Jeddah and Dhahran issued 118,759 visas to Saudis, a 14 percent increase to the year before. This number is more than double the number of visas issued in 2008.

Over 300 American companies made exports to Saudi Arabia for the very first time in the last three years and 80 percent of those are small to medium enterprises.

The most recent statistics show that US business service exports to Saudi Arabia exceed $ 5 billion (SR 18.75 billion) a year.

Saudi Aramco’s investment in the Motiva Refinery in Texas and the US Export Import Bank’s loan of nearly $ 5 billion (SR 18.75 billion) for the Sadara chemical company are creating thousands of jobs in both countries.

The same source said that the US is host to more than 70,000 Saudi students, almost half of whom are Saudis studying abroad.