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Jeddah Security and Development Summit/ Investment Minister: Investment Relations with the US Companies Continue to Develop and Grow in the Interest of Both Countries
The Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, stressed that the convening of the Saudi-US and GCC-US summits, in the presence of Jordan, Iraq and Egypt, comes at a pivotal stage full of events and challenges to strengthen the solid relations and the strategic partnership that are existing among them. In a statement to Saudi Press Agency (SPA) on the occasion of the visit of His Excellency President Joseph Biden of the United States of America to the Kingdom, he said that the economic and investment relations between the Kingdom and the United States are nearly ninety years old, as they began with the Kingdom's signing of the concession agreement for oil exploration with Socal (Chevron) in 1933. The Minister of Investment disclosed that the visit of the US President, and the convening of the Saudi-US and Arab-GCC-US summits, come at a pivotal time, noting that the challenges facing the whole world, including the Corona pandemic and the implications on the global economy as well as the geopolitical situations, including the Russian-Ukrainian problem, had repercussions on food security, clear impact on energy markets, and the record inflation witnessed by the world. He indicated that the US President's visit will witness the signing of a number of memoranda of understanding and agreements that contribute to the Kingdom's efforts to significantly enhance a number of these sectors. With regard to the Saudi-US mutual investments, Eng. Al-Falih explained that the investment relationship with the US companies continued to develop and grow in the interest of the two countries, pointing out that there are more than 740 American companies registered as foreign institutions operating in the Kingdom today. With regard to sectors, he indicated that the manufacturing industries, information and communication technologies, and the professional, scientific and technical sectors are the largest in terms of the number of the US companies registered in the Kingdom. "The Kingdom's total exports to the United States amounted in the first quarter of 2022 to more than SAR 20 billion and 500 million, while the Kingdom's imports from the United States in the same period amounted to more than SAR14 billion," he added.
