JEDDAH: Saudi private sector investments in the US last year reached SR1.58 trillion, according to the chairman of the Jeddah Chamber of Commerce and Industry (JCCI).

“The joint ventures between the private sectors in both countries will increase tremendously thanks to the facilities provided by both governments,” Muhammad Abdul Qadir Al-Fadl said at a meeting of the Saudi-American Business Council at the JCCI.

Al-Fadl said American businessmen and their Saudi partners would invest in major projects, to be established in the Kingdom’s industrial cities.

The council’s meeting came after 15 American legislators from both the Republican and Democratic parties visited the Kingdom last week. The US-Saudi Business Board’s aim was to boost bilateral economic ties.

Their visit to the JCCI was part of a tour of the Kingdom during which they visited president of the Kingdom Holding Company Prince Al-Waleed bin Talal and a number of other public and private firms.

Economic ties between the Kingdom and the US have lasted more than 70 years.

“The US is the main trade partner for the Kingdom. Saudi Arabia also ranks among the 15 most important trade partners for the United Sates. The volume of trade exchange between the two countries last year was SR193.3 billion, compared to SR157 billion in 2006,” Al-Fadl said, adding Saudi imports from the US were SR45.9 billion, a third of total imports into the Kingdom worth SR147.4 billion.