The Federation of Saudi Chambers and the Saudi-US Business Council signed a memorandum of understanding in Washington on Tuesday. The deal aims to strengthen ties between the business communities of both countries.
The federation represents the Saudi private sector in the agreement. It ensures that business needs are met during efforts to deepen commercial engagement with American companies.
Official figures from the US Trade Representative show that the US and Saudi Arabia traded an estimated $24.6 billion in goods. US goods exports to the kingdom increased by 7.2 percent to $14.1 billion. Imports from Saudi Arabia dropped by 18.4 percent to $10.5 billion.
The Saudi Press Agency reported that the memorandum establishes a framework to facilitate communication between companies. It aims to develop investment opportunities and address challenges in the two markets.
The agreement outlines practical mechanisms for cooperation. These measures include trade delegation visits and direct channels for companies to meet and explore deals.
Both sides plan to support investments and strategic partnerships. They will also exchange market information and expertise to give companies a clearer view of conditions.
The pact commits the two bodies to working through relevant channels. This cooperation is designed to ease market entry for companies and resolve obstacles.
The signing happened just days after the Federation of Saudi Chambers inked another memorandum of understanding with the US Chamber of Commerce. That agreement took place on November 10 on the sidelines of the B20 Summit in Washington, D.C.
The Saudi-US Business Council held a board meeting in Riyadh on November 8 ahead of these agreements. Energy and Industry Minister Prince Abdulaziz bin Salman and Investment Minister Fahad Al-Saif attended, alongside co-chairs Lubna Olayan and Jane Fraser.
Board members reviewed priorities for expanding bilateral trade and attracting investment. They also discussed a work program to identify structural barriers to commerce.
During the meeting, Al-Saif outlined the upcoming second edition of the National Investment Strategy. He stated that the strategy would focus on turning investment opportunities into actual investments.
