Riyadh, Asharq Al-Awsat- US Trade Secretary Carols Gutierrez has highlighted the wise leadership of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in the economic sphere, and said the arrangements made by the King would make it possible to diversify sources of economic development in the Kingdom of Saudi Arabia.
Addressing the American businessmen yesterday, Gutierrez said the oil sector will continue to represent a large portion of the economy to the extent that other additional sources of employment are developed. “Saudi Arabia can develop in a more stable and diversified way.”
He noted that Saudi Arabia began reforming its economy over the course of the last ten years and WTO accession is the crowning achievement of this continuing efforts.
“Saudi Arabia’s reforms have already brought positive changes to the economy as a whole. Further progress will continue strengthening and diversifying the Saudi economy,” Gutierrez added.
US Trade Secretary said “There is still room for additional improvement within the investment climate. Specifically, loosening equity caps on foreign business ownership within Saudi Arabia will signal investors that the Kingdom welcomes even more foreign investment and therefore it will compete for capital with larger economies.
Saudi Arabia’s accession to the WTO is an acknowledgement of the Kingdom’s commitment to also participate actively in the global economy. WTO signals the global economy that Saudi Arabia is open for business.”
Gutierrez lauded the existing Saudi-American relations and added ‘we have a strong commercial relationship and a history of business partnership’.
He pointed out that a stronger business relationship between the US and Saudi Arabia is in the interest of both countries.
‘We are proud to note that American companies and their innovative technology were early partners in helping Saudi Arabia unlock the vast potential of its natural resources’.
‘The commercial partnership has brought great benefits to both parties, and we look forward to working closely with the Kingdom for many decades’, he said.
“Saudi Arabia is entering a new age, and we stand to help the Kingdom diversify its economy as it expands its manufacturing and services sectors, and unleashes greater entrepreneurship.
We should always remember the historical strength of our bilateral relationship. US companies have consistently offered the best technology and best product lines,” he added.