RIYADH: Trade between the US and Saudi Arabia has rocketed by 122 percent since 2021, according to new figures released by the North American country’s embassy in Riyadh.
The volume of trade and investment between the Kingdom and the US is worth $55 billion, more than double the $24.7 billion recorded in 2021.
The figure was revealed as the embassy announced the launch of the Shared Vision series, a project to highlight the most prominent contributions of US companies in various sectors throughout the Kingdom, according to a statement.
“From healthcare to construction, consumer goods, technology and much more, American companies across sectors are contributing to Saudi Arabia’s Vision 2030 reforms and economic diversification,” said James Goulson, adviser on commercial affairs at the US Embassy in Riyadh.
“We believe that Saudi talents can partner with Americans to lead American companies in the Kingdom,” he added before saying: “We are committed to supporting the Kingdom’s economy and encouraging more US businesses to open in Saudi Arabia.”
In June 2022, the US Chamber of Commerce organized a Saudi-US business forum in Washington, attended by a high-level delegation from the Kingdom, including the minister of commerce.
During the forum, Majid Al-Qasabi stressed the deep-rooted trade relations between the two countries.
The minister also highlighted that Saudi reforms aimed at diversifying the economy and developing trade and investment in the Kingdom are attributed to the Vision 2030 program launched by Crown Prince Mohammed bin Salman in 2016.
The Saudi delegation also held workshops and discussions with US business figures, which saw the participation of entrepreneurs from large, medium and small enterprises in the Kingdom.
