The Federation of Saudi Chambers of Commerce and the US Chamber of Commerce have signed a memorandum of understanding aimed at strengthening trade and investment cooperation. 

The signing took place on the sidelines of the B20 Summit, hosted in Washington, DC, a Saudi Press Agency (SPA) report said.

The agreement was signed during a session on Saudi-US innovation and economic cooperation, organised by the US Chamber of Commerce, with the participation of Deputy Chief of Mission at the Saudi Embassy in the United States Nawaf Alissa, Secretary-General of the Federation of Saudi Chambers of Commerce Sultan Al-Musallam, and several US Chamber of Commerce officials and representatives of companies and the business sector.

Depth of economic relations

In his remarks, Alissa highlighted the depth of economic relations between Saudi Arabia and the US, noting that the partnership between the two countries has continued to evolve, expanding from traditional sectors into new fields, including artificial intelligence, digital technologies, advanced manufacturing, and infrastructure, amid the economic transformation under way in the kingdom under Saudi Vision 2030.

He noted that the total value of investment activities by the Public Investment Fund in the US has reached approximately $170 billion since 2017, stressing the importance of sustaining the investment partnership between the two countries and strengthening cooperation in future economic sectors.

The event coincides with the B20 Summit, being held in Washington from November 9 to 11, with the participation of business leaders and international economic institutions to discuss priorities related to economic growth, trade, investment, and innovation.—TradeArabia News Service