New York — US businessmen are looking to invest in the Kingdom in accordance with Vision 2030, especially in small and medium-sized enterprises (SMEs), Vice President Business Development at US-Saudi Arabian Business Council David Callahan said at an interactive session with Saudi ministers here on Friday. He said that the US was interested in increasing the volume of investment in the Kingdom. US businessmen now want to fully engage in the Saudi market thanks to Vision 2030 and the National Transformation Program 2020, added Callahan. Minister of Commerce and Investment Majid Al-Qassabi highlighted various aspects of Vision 2030, which focuses on partnership opportunities between the Saudi public and private sectors and corporate America. Adviser at the Royal Court Muhammad Al-Jasser said that the economic diversification is crucial and will change the economy with the contribution of the private sector as its contribution to the GDP will rise from 40% to 65% by 2030. He said new markets for local and foreign investors will open with the government's focus on the development of defense and internal security policy, foreign affairs, education and the basic infrastructure, leading to the privatization of a majority of leading state-owned enterprises and other sectors and services. Minister of Energy, Industry and Mineral Resources Khalid Al-Falih highlighted the importance of preserving the gains of the energy sector, further diversification of the economy and raising the proportion of income from non-oil sectors like entertainment, defense, financial services, infrastructure, education, and health care. For equipment and services in the oil and gas sector, he said the local content will be increased from 35% to 70% over the next five years in an initiative that provides greater opportunities for US companies to invest in the Kingdom, which will build new power plants and promote high-tech industries through education, research, development, innovation and business projects.
