LOS ANGELES – Saudi Minister of Commerce and Industry Dr. Tawfiq Al-Rabiah said that the Kingdom has been focusing on knowledge, transfer and localization of advanced technology, diversification of resources of national income, building a strong foundation for sustainable development, and strengthening its relations with friendly countries. Addressing the Saudi-US Business Opportunities Forum here on Tuesday, he said the volume of trade exchanges between the two countries reached more than $73 billion over the past year. Al-Rabiah stressed that the Saudi market provides an encouraging environment for business and investment, noting in this regard the entry of more than 150 US companies in the Saudi market for the first time during the past year. US Secretary of Commerce Penny Pritzker said that the Kingdom and the US have a strong trade and investment relationship, and last year, trade between the two countries hit all-time highs. She said that trade between the two countries is now triple what it was just a decade ago. Secretary Pritzker also noted that the Commerce Department, over the past four years, has helped more than 450 US companies export to the Kingdom for the first time, noting that more such partnerships are expected as Saudi Arabia's plans for infrastructure growth allow US companies opportunities to team up to build a strong and vibrant Saudi economy. The three-day forum, which concluded on Wednesday, highlighted the Saudi-US commercial and trade relationship and how US companies can participate in Saudi Arabia's expansion.
