US business delegation to visit Kingdom to explore opportunities in various sectors
RIYADH: Representatives of the US Chamber of Commerce are in Saudi Arabia to lay the groundwork for the arrival of a large business delegation later this year to explore mutual investment opportunities.
Steve Lutes, Vice President for Middle East Affairs at the US Chamber of Commerce, said in an exclusive interview with Arab News that the delegation would focus on innovation and knowledge-based economic development.
“It fits very well with what we think our strength is, which is exactly what it is: on the American side, expose more companies that there is huge opportunity here (in Saudi Arabia) throughout the economy, And fit.” The top official said, in the Vision 2030 goal, which is to diversify the (Saudi) economy.
The delegation will target a range of sectors including healthcare, life sciences, genomics, sustainable living, green energy and technology, climate solutions and the digital space.
During his previous visit to the Kingdom, Lutes appreciated the positive outlook towards the fast-growing infrastructure and emerging economic sectors in the Kingdom.
“Whether it is food security, or energy transition, harnessing the future of the digital space, whether it is AI or fintech, there is just so much to be done in that space. Bringing in American companies, which is first class in our mind, to come in and partner with Saudi companies or further the relationship with the Saudi government, and some of those big tender opportunities — lots to do here There is,” he told Arab News.
During their current visit, US Chamber officials will hold meetings with officials from the Ministries of Economy, Commerce, Investment and Communications and IT and other entities to discuss the basic framework of the agenda of the delegation.
The two countries cooperate through several platforms, one of which is the US-Saudi Business Leaders Forum. It is held on rotation and this year’s forum, according to Lutes, will be held in Riyadh. He hopes to integrate business delegations into the Forum.
The US Chamber is looking to launch a US-Saudi Sustainability Working Group and meet with Saudi Minister of State for Foreign Affairs Adel Al-Jubeir to publish a report on how US companies can partner within the Kingdom’s circular economy and Saudi Green Initiative Doing it to move forward. Target.
“We want to highlight what American companies are doing because a lot of times, people don’t understand how advanced Saudi Arabia is on that, but they don’t understand that often American companies are aggressively supporting it.” joins in,” Lutes said.
The official appreciated the open-door policy of Saudi ministries, as they always welcome feedback from their American counterparts on policy drafts. He added that their collaboration has been a very “fruitful process”.
“We are focusing a lot on the PDPL, the Personal Data Protection Law. To (MCIT’s) credit, there has been a lot of progress from the earlier drafts,” he said.
The US Chamber of Commerce’s visit will also be examining the United Nations Climate Change Conference (COP28), which will be held in the United Arab Emirates this year, and how they can support and join the conference while strengthening Saudi Arabia’s role. ,