SAUDI GAZETTE RIYADH — There are many investment opportunities that will strengthen the partnership between the Kingdom and the US and move it to a higher level, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih told the Saudi-US CEO forum here on Saturday. Speaking on the topic "Partnership for Change," he said that partnership does not only focus on the historical relationship between the Kingdom and the United States but also marks a transition phase that will have a major impact on generations in both countries. The forum coincides with the historic visit of US President Donald Trump to Saudi Arabia. The forum will build on the successful bilateral relationship aiming to create new private sector opportunities and facilitate ease of business between Saudi Arabia and the United States. More than 50 US companies, over 40 Saudi companies and nine companies from key international markets attended the forum. During a ministerial panel that was moderated by Bloomberg's Francine Lacqua, Dr. Majid Al-Qassabi, minister of commerce and investment, explained that 81 percent of the Saudi population is below 45 years of age whereas 50 percent of the population is below the age of 25. He said that all the ingredients for the success of business and companies were present including population potential and market access. Al-Qassabi stressed that the Kingdom's Vision 2030 represents a qualitative shift in the history of the Kingdom. "We seek to facilitate all measures and revise relevant legislation regarding motivating the environment for investment." He added that the great challenge facing the Kingdom's Vision 2030 is human resources. Mohammed Al-Jadaan, Minister of Finance, said that the Kingdom's Vision 2030 came in response to a number of challenges facing the Kingdom. "The private sector is one of the important factors in the Kingdom's Vision 2030 to contribute to the gross domestic product," Al-Jadaan added. He stressed that the Kingdom seeks to remove obstacles facing the private sector, review conditions of granting loans, transfer technical expertise, and provide technical support through several initiatives. Lubna Olayan, CEO of Olayan Financing Company, and Andrew Liveris, chairman and CEO of Dow Chemical, explained that the primary objective of the forum is to strengthen business relations between the two countries by identifying barriers to closer economic ties, exploring ways to enhance bilateral trade, exploring investment opportunities, and exchanging ideas and experiences. Olayan stressed that the successful partnership between the two countries is based on trust, respect and open dialogue. A panel discussion titled "Youth in the Field of Commercial Work" was held in which participants discussed the importance of the employment of Saudi youth. At the conclusion of the Saudi-US CEO Forum, Al-Qassabi highlighted the historic relations binding the Kingdom and the United States. "The United States has been on our side since the birth of the nation. To us, the US is a global standard setter. We look forward to the forum continuing its institutional work between our two countries," he said.
