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Riyadh 19 October 2020
His Excellency the Secretary General of Saudi Export Development Authority Eng. Saleh Shabab Al-Solami and His Excellency CEO of the Saudi American Business Council H. Delano Roosevelt, a memorandum of understanding between Saudi Export Development Authority and Saudi-American Business Council, with the aim of promoting and increasing Saudi non-oil exports to the United States of America and creating a strategic partnership between them that contributes to strengthening trade relations between the two countries.
This memorandum comes as an extension of the efforts of "SAUDI EXPORTS" to deliver Saudi products to global markets. The Secretary-General of Saudi Export Development Authority, Eng. Saleh Al-Solami, said in light of the signing of this memorandum that confirms the Kingdom's efforts to promote non-oil exports and open new export channels for Saudi companies by providing access to their products into the United States of America, which in turn contributes to supporting Saudi companies and achieving economic development by increasing the percentage of non-oil exports.
Al-Solami pointed to the depth and strength of the economic relations between Saudi Arabia and United States of America, as the volume of trade exchange between the two countries amounted to approximately SAR 120 billion according to figures for the year 2019, and this is dominated by the Kingdom's exports to United States in the sectors of petrochemical materials and building materials. While the Kingdom's imports from the United States are dominated by auto, heavy machinery, electronics, food products and pharmaceutical sectors.
Al-Solami also added that Saudi Export Development Authority plays a pivotal role in developing Saudi exports and facilitating their access to various countries of the world, and that US market is one of the main markets, with a volume of approximately SAR 10 trillion, so there are great opportunities to increase Saudi exports in the American market and diversify such exports. Among the efforts undertaken by the authority to increase export opportunities to the United States of America is the cooperation with the relevant authorities, including the Saudi-American Business Council, which plays an active role in developing Saudi exports to the US market through businessmen meetings and round tables, and providing export opportunities, as well as helping solve any obstacles, and providing data on the US market. We hope that this agreement will have an impact on ground, as arrival of Saudi exports in the American market will be increased by working with the Saudi-American Business Council.
On his part, H. Delano Roosevelt, CEO of Saudi-American Business Council, said, "The development of export relations is the core of the economic policy of the United States, and Saudi Arabia remains one of the largest strategic export partners of the United States in the industrial sector as well as various sectors."
He added, "The council is pleased to affirm our continued commitment to strengthening these partnerships by concluding a memorandum of understanding with Saudi Export Development Authority. We will work to achieve the objectives of Saudi Export Development Authority through launching programs, such as holding webinars on "Exporting to United States" and identifying Saudi partners. This is in addition to many initiatives that the council aspires to launch in the coming months."
It should be noted that the Saudi-American Business Council was established in 1993 and is the most prominent bilateral organization for promoting business linking American and Saudi companies, as the Council promotes commercial relations and helps companies in both countries build successful partnerships through trade missions, business development services, conferences, and provide opportunities to strengthen relations with companies operating in the field, and other services.
The signing of this memorandum confirms the keenness of "SAUDI EXPORTS" to enhance local industries and open new export channels for Saudi companies in regional and international markets, and to complement the role through which "SAUDI EXPORTS" seeks to promote Saudi products and services and increase their market shares in global markets in line with goals of the Kingdom's Vision 2030 related to diversifying sources of income and increasing the value of non-oil exports as a vital axis for achieving sustainable economic development.
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