RIYADH: The Federation of Saudi Chambers and the US Chamber of Commerce signed a memorandum of understanding, aimed at strengthening trade and investment cooperation between Saudi Arabia and the US.
The agreement seeks to expand collaborative opportunities between the business sectors of both nations and was signed on the sidelines of the B20 Summit, currently being hosted in Washington, D.C.
The signing took place during a session titled “Saudi-US Innovation: From Vision to Value,” organized by the US Chamber of Commerce. The session was attended by the Deputy Chief of Mission at the Saudi Embassy in the US, Nawaf bin Khalid Al-Issa; Sultan bin Mohammed Al-Musallam, secretary-general of the Federation of Saudi Chambers; as well as various officials from the US Chamber of Commerce and representatives from the business community.
In his remarks, Al-Issa highlighted the depth of the economic relationship between the Kingdom and the US. He noted that the partnership has evolved continuously, expanding beyond traditional sectors into new areas, such as artificial intelligence, digital technologies, advanced manufacturing, and infrastructure, in line with the economic transformation currently underway in the Kingdom under Saudi Vision 2030.
Al-Issa further stated that the total value of investments by the Public Investment Fund in the US has reached approximately $170 billion since 2017. He underscored the importance of sustaining this investment partnership and fostering further cooperation across future-oriented economic sectors.
Al-Musallam reviewed developments in the Kingdom’s business environment and the role of the private sector in achieving the goals of Saudi Vision 2030. He noted that Saudi Arabia has implemented over a thousand economic reforms over the past decade, aimed at improving the business environment and enhancing the competitiveness of the economy.
He also highlighted initiatives offered by the Federation of Saudi Chambers to facilitate the entry of international investors into the Saudi market and to support companies at various stages of establishing their operations.
Held in Washington from Nov. 9 to 11, the B20 Summit brings together leaders from the business sector and international economic institutions to discuss priorities regarding economic growth, trade, investment, and innovation.
