Riyadh – U.S. Acting Under Secretary of Commerce Ken Hyatt announced he will lead 16 U.S. companies on a three-stop safety and security industry trade mission to Kuwait and Saudi Arabia. The mission will introduce U.S. firms to the regional security market and to assist U.S. companies in pursuing export opportunities in this sector, according to a statement issued on the U.S. International Trade Administration (ITA) website.
“The Gulf region represents enormous export potential for U.S. companies,” Hyatt said. “The defense and security markets continue to grow globally, and firms on this mission are well-positioned to enter into partnerships with Kuwaiti and Saudi businesses and government. The Department of Commerce has a proven track record of providing export assistance to companies looking to enter or expand in target markets,” he was quoted as saying by ITA.
The mission will visit Kuwait City, Kuwait, as well as Riyadh and Dhahran in Saudi Arabia. At each stop, the Acting Under Secretary will meet with government officials and industry representatives to discuss trade priorities and potential areas of cooperation.
The statement added that throughout the mission, firms will gain insights on the region’s expanding markets, make industry connections, learn best practices, attend customized one-on-one business appointments, and create contacts with prospective partners. Companies will return with a deeper knowledge of the area and its dynamic growth in the security space.
The security and defense sector is a large and rapidly changing industry, the statement said.
It added that Saudi Arabia has been the world’s biggest defense market for U.S. exporters over the past two years, and it is forecast to procure $14 billion worth of security systems and services over the next three years. The Government of Kuwait is implementing a country-wide plan to significantly increase investment in safety and security equipment through 2020.
The trade mission delegation includes a diverse group of small- and medium-sized enterprises (SMEs) and large corporations.