The Fourth Saudi-US Business Opportunities Forum, which ended here on Wednesday, underscored the profound importance of business-to-business (B2B) linkages.
It highlighted the ssential role of government-to-government collaboration in strengthening their bilateral economic and commercial relationship, and the depth of their historic decades-long partnership as the basis for shaping our future partnership.
The Fourth Saudi-US Business Opportunities Forum was formed as part of the US-Saudi Strategic Partnership for the 21st Century, proposed by Custodian of the Two Holy Mosques King Salman, during his visit to the United States in September 2015.
It serves as a primary platform upon which to build a new and even more productive economic and commercial relationship between the United States and Saudi Arabia.
The forum acknowledged both governments’ determination to diversify their economies in order to create new employment opportunities for their citizens, increase their economic growth by expanding existing areas of economic activity and establishing new ones, and enhance investment climate in both countries by further developing the commercial legal system, collaborating with the private sector in developing new business policies and regulations, and establishing procedures that facilitate the entry of new firms into both markets, especially small and medium-sized establishments (SMEs).
In accordance with the spirit of the Saudi-US strategic partnership for the twenty-first century, the United States affirmed its intention to sharing with the Kingdom its historical experiences in attracting investment, nurturing a knowledge-based, innovation-driven economy, supporting research and development, and educating and training youth to prepare them as Saudi Arabia’s next generation of innovators, scientists, business leaders, and government officials.
“This next generation of leaders will shape Saudi Arabia’s future and further strengthen the historic partnership between the Kingdom of and the US.”
The house also acknowledged a new paradigm of Saudi-US business cooperation based on enhancing integration of Saudi inputs into the global supply chain and training, and employment of Saudi citizens by American companies conducting business in the Kingdom.
Furthermore, the US government will endeavor to organize events and create opportunities to cooperate with American firms on specific needs and priorities established in the Kingdom’s ambitious economic transformation program.
It was also felt that the Saudi US business opportunities' participants would serve as forum for free discussion by all concerned with the major economic sectors.
As part of its mission to foster, develop, and expand the strategic business alliance between the two countries, it would contribute to the accurate depiction of both business environments.
This forum is committed to keeping its participants apprised of the most recent developments and business opportunities in both markets, as well as government reforms and the latest trade and investment facts and figures.
Effective recommendations will be addressed to set the base for a more solid and continuous bilateral partnership of strength for future cooperation between the two nations in the major economic fields.
Specific sectors proposed for bilateral cooperation include education, health care, energy, mining, tourism and infrastructure developments.
Furthermore, the Fourth Saudi-US Business Opportunities Forum emphasized the importance of American private investments in Saudi Arabia and Saudi investments in the United States as critical elements in creating new employment opportunities, strengthening business ties, and supporting economic growth in both countries.
To this end, the Saudi Arabian General Investment Authority (SAGIA) and the Select USA Program intend to exchange best practices and lessons learned.
The forum finally reinforced the unique and vital role that SMEs play in economic development and commercial activities abroad. Both governments also agree to share best practices on innovation and entrepreneurship.
The Kingdom and the United States affirmed their intention to strengthen cooperation between their respective agencies responsible for promoting SME development, innovation and entrepreneurship.
Source: Arab News