US-Saudi Business Council charts new path to boost trade, investment and economic ties
WASHINGTON — The meeting of the Board of Directors of the U.S.- Saudi Business Council reaffirmed its commitment to supporting the strategic and economic partnership between the two countries. The board expressed confidence in the council’s strength and continued growth potential. The meeting also reviewed priorities for expanding trade between the two countries, stimulating investment, and strengthening business cooperation in sectors of mutual interest. Saudi Minister of Energy, Industry and Mineral Resources Prince Abdulaziz bin Salman and Minister of Investment Fahad Al-Saif, along with several senior business leaders from Saudi Arabia and the United States attended the meeting, which was co-chaired by the Saudi-U.S. Business Council’s Co-Chair Persons Lubna Olayan and Jane Fraser. During the meeting, Prince Abdulaziz bin Salman reaffirmed Saudi Arabia’s commitment to energy security and industrial development. He highlighted emerging opportunities in artificial intelligence and critical infrastructure and underscored the strength of the partnership between the Saudi and U.S. business sectors.For his part, Minister Al-Saif outlined the key features of the upcoming second edition of the National Investment Strategy. He indicated that it aims to shift the focus from promoting investment to turning investment opportunities into actual investments, thereby accelerating economic growth.The ministers discussed key priorities and opportunities for deepening cooperation between the two countries with council leaders. They underscored the importance of trade relations between the two countries and the council’s role in developing them.Olayan said the business community remained focused on future opportunities despite the challenges facing the region, highlighting the long history of successful trade partnership between Saudi Arabia and the U.S. and the potential to deepen it. She noted that strengthening communication between executive leaders would open up new avenues for investment, innovation, and economic growth in both countries.Fraser said the meeting reflected the commitment of business leaders in both countries to working together to support economic growth and expand opportunities. She also highlighted the council’s role in strengthening ties, stimulating investment, and supporting shared prosperity.The board members discussed the council’s work program, which aims to identify and address structural barriers to trade and investment between the two countries, develop practical and actionable recommendations, and deepen cooperation with government entities and private-sector institutions in both countries.The discussions also covered emerging strategic opportunities to accelerate trade cooperation and facilitate partnerships in priority sectors. These efforts are part of a work program focused on expanding trade, unlocking investment opportunities, and strengthening ties between Saudi and U.S. companies and institutions.In light of the current regional challenges, the council stressed the importance of maintaining communication and close cooperation between the two countries and ensuring the continuity of institutional work. It affirmed that economic relations between the two countries are built on solid foundations and that the private sector plays a key role in developing them.U.S.- Saudi Business Council CEO Charles Hallab said the board members’ expertise and commitment reflected the importance of Saudi-U.S. economic relations and the scale of available opportunities. He stressed the council’s commitment to translating confidence in the partnership into practical action to address obstacles, open up new areas for business and investment, and serve shared economic interests.The council reaffirmed its commitment to continuing to work with public- and private-sector leaders to strengthen the foundations of economic cooperation between the two countries. It will draw on the expertise of its board members and the global presence of their institutions to support a new phase of institutional engagement and communication between the two business communities.Established in 1993 under a Saudi royal decree and a U.S. executive action, the Saudi-U.S. Business Council works to promote business, trade, and investment between the two countries. It brings together business leaders and government entities to develop trade cooperation priorities, unlock investment opportunities, and address issues affecting trade and business flows.