29/03/2015
Prepared by the Information and the East Chamber Studies Center
Study: mechanisms and procedures promote trade and investment relations between the Kingdom and the United States of America
A recent study issued by the East Chamber representative by information and Studies Center, confirmed that the relations between Saudi Arabia and the United States as a historic and strategic, well-established and powerful, strong joint action, where indicators attest that the bilateral trade volume has reached 284.4 billion riyals in 2013, also sawa surplus balance of trade in favor of the Kingdom is estimated at 113.7 billion riyals, while Saudi Arabia's exports to the United States amounted to about 199.1 billion riyals, which represents 14.12% of the total Saudi exports to the world the value, in the same year.
The study also recommended the following procedures and mechanisms contribute to the promotion of trade and investment relations between the Kingdom and the United States, referring to the depth of the strategic relations between the two countries.
The study showed that it requires to enhance the volume of trade and investment cooperation required the development of integrated vision of a new strategy for the future of trade and economic relations based on common interests of both countries, and help to open new channels of economic and investment cooperation between the two countries, allowing the flow of investments between the two, and not just on oil as the central pivot inthe development of economic relations between the two countries, and work to expand and strengthen economic and technical cooperation, cooperation in the areas of industry, trade, services, and fishing, science and technology, and the environment, taking into account the different levels of development.
They also drew to put modern standards to reduce business practice costs in the two countries, and to maintain a transparent dialogue on through customs flow of trade facilities, expand cooperation between the two sides in terms of infrastructure development and farming techniques and training of human resources and the development of new and renewable energy, and work on the development of value Industriesadded the Saudi economy.
In addition to the establishment of a funding mechanism have the ability to finance major joint projects, and can focus on the most important projects that have proven the technical and economic feasibility, and to support and encourage the establishment of joint integration projects, and increased government cooperation between the two sides to create a legal environment that supports entrepreneurs, and promote the exchange of visits between government officialsin the two countries.
The study focused on the need to provide effective ways and means that will enable the US and Saudi companies to communicate within the Kingdom with a view to cooperation in the field of technology and the Kingdom of indigenization and localization of the industry in which the transfer and exchange of knowledge and capacity development, which provides employment for Saudi nationals.
She noted the importance of providing American companies opportunities for students on scholarships Saudis to work for several months after graduation even gain practical experience as well as theoretical studies, in order to find appropriate work for them in the private sector, after their return from the mission, especially in the American companies operating in the Kingdom, thus contributethis is to reduce the number of unemployed people in the Kingdom, as well as to inform Saudi businessmen on the investment opportunities available in the United States, and encourage them to invest in it, because of its importance in strengthening the strategic partnership between the two countries.And encourage them to deal with the comparative advantages of the two countries in accordance with an integrated vision of mutual benefit between the two parties framework, providing a modern, integrated data on the available investment opportunities in the Kingdom of Saudi Arabia through the commercial attaché in the United States base.
The study also pointed to the need to diversify the forums and specialized forums shared between the two countries, which is the leading platform for the exchange of information in areas of mutual cooperation at the same level as the US Saudi Business Opportunities Forum, periodically and alternately in both Saudi Arabia and the United States of America.
And to increase mutual cooperation between the Saudi and American sides in the construction sector, in order to raise the level of Saudi companies, and take advantage of the American experience in the development of small and medium enterprises, and the adoption of modern productivity-sensitive policies international standards and specifications in order to promote the Saudi ability to compete in the US market.
The study also focused on the importance of providing a favorable environment to discuss topics related to the promotion of commercial communication, contribute to addressing the obstacles to cooperation and trade exchange and investors in both countries, and work to help the businessmen of the two countries in the event of trade disputes to reach a compromise and friendly through reconciled and arbitration in accordance with theStandards-based and international conventions in this regard.
And the need to capitalize on Saudi companies and factories of US systems and features that the United States granted to some foreign companies and factories, and update the research units involved in the support of investment between the two countries using specific global standards.
