RIYADH, 4 December 2007 -- The US Commerce Department has honored eight Saudi companies and organizations in appreciation of their contributions to Saudi-US business relations.
Israel Hernandez, assistant secretary for trade and director general of the US Commercial Service, presented yesterday the US Commerce Department's Certificate of Appreciation for Achievement in Trade to them at a function here sponsored by the Riyadh-based US-Saudi Arabian Business Council yesterday.
"The award is presented to promote US export growth and commercial trade in their home country," Hernandez said. Today's award recipients represent some of the most dynamic Saudi businesses and organizations. "I congratulate them on their outstanding accomplishments and contributions."
Recipients of the award were Al-Walan Aviation, Jeraisy Group of Company, Fawaz Al-Hokair Company, El-Seif Development Company, Amera Travel Network, Arabian Air Conditioning Company (Carrier), Saudi Electricity Company and Saudi Arabian Basic Industries Corporation (SABIC).
"I am pleased to be back in the Kingdom to offer some of the best, innovative and effective products for Saudi businesses and consumers. The US is the number one investor in the Kingdom with total bilateral trade in 2007 estimated at almost $40 billion," Hernandez said, adding that it is important that the two countries expand the current trade and investment.
The Kingdom is the US largest trading partner in the Middle East and one of the largest bilateral trading partners in the world, Hernandez noted. The Kingdom's exports to the US have reached $31.7 million in 2006.
"There is a great deal of infrastructure developments that are taking place in the Kingdom, we would be happy to contribute our experience to complete these ventures," Hernandez said.
In 2006, the US goods and services accounted for 12 percent of all Saudi imports. "For the past six decades, bilateral trade ties between the two countries have grown at a fast pace." At the end of November 2006, US has 242 foreign direct investment projects in the Kingdom valued at $20.74 billion. Joint venture projects in the Kingdom have reached a total of 94 with a total investment of $6.94 billion.
"This is the second Certified Trade Mission to the Kingdom," Abdulaziz Al-Quraishi said, pointing out representatives from eight US companies have accompanied Hernandez. The visiting companies were looking for more business opportunities in oil and gas sector, downstream petrochemicals, mining, construction in the economic cities, and education sectors.
Al-Quraishi told the visiting businessmen that Saudi Arabia is a land of unending business opportunities. "The US-Saudi Arabian Business Council will help businessmen in the two countries initiate and expand their ventures for a sustainable economic development.
Mohammed Rasooldeen
© Arab News 2007
