RIYADH: The Federation of Saudi Chambers and US Chamber of Commerce inked a memorandum of understanding, to enhance trade and investment relations between Saudi Arabia and US. The agreement aims to broaden opportunities for cooperation between the two countries’ business communities and was signed on the sidelines of the ongoing B20 Summit in Washington, D.C.
The signing took place on the sidelines of a session called “Saudi-US Innovation: From Vision to Value” organised by the US Chamber of Commerce. Nawaf bin Khalid Al-Issa, Deputy Chief of Mission at the Saudi Embassy in the US, Sultan bin Mohammed Al-Musallam, secretary-general of the Federation of Saudi Chambers, and several officials from the US Chamber of Commerce and business community representatives attended the session.
The economic relationship between the Kingdom and the US is very profound,” Al-Issa said in his remarks. He pointed out that the partnership has continued to grow, expanding beyond traditional sectors into new areas, including artificial intelligence, digital technologies, advanced manufacturing, and infrastructure, in line with the economic transformation currently underway in the Kingdom under Saudi Vision 2030. Al-Issa said the Public Investment Fund’s total investment in the US since 2017 has reached about $170 billion.
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