Friday 20 January 2017
RIYADH: The Kingdom and the US have identified new areas of cooperation under the Saudi-American Trade and Investment Framework Agreement (TIFA) at a meeting held between the two parties at the Ministry of Commerce and Investment (MCI). The TIFA held its fifth session at MCI headquarters on Wednesday in which government authorities and business people discussed boosting trade and investment cooperation. The two sides discussed enhancing the volume of trade and the exchange of information about the size of licensed investments in both countries, as well as the investment opportunities in the technical and scientific fields.
The participants also encouraged major US companies to establish value-added industries in the Kingdom, especially in areas that are covered in the Vision 2030 and the National Transformation Program 2020. The two sides also discussed technical cooperation, exchange of expertise relevant to trade and investment, consumer protection and examining consumer goods. The trade exchange between Saudi Arabia and the US amounted to SR115 billion in 2016 (excluding crude oil), and exports from Saudi Arabia to the US amounted to SR3.1 billion while imports from the US amounted to SR111 billion.
© Arab News 2017
