In late April last year, the government of Saudi Arabia, contending with low oil prices and diversifying energy production beyond traditional fossil fuel sources, formed a plan, called Vision 2030, to reduce the country's dependence on oil, and to invest in and diversify its economy.
“We support Saudi Arabia’s 2030 plan that seeks to transform their economy and society,” said Secretary of State Rex Tillerson at a U.S.-Saudi Arabia CEO Summit held recently in Washington D.C.:
“In particular, specific commitments to increase foreign ownership on listed companies; to boost the women’s workforce participation rate from 22 percent to 30 percent; to augment the private sector’s contribution to GDP from 40 percent to 65 percent; to move to free market pricing in place of subsidies in energy; to raise the share of non-oil exports from 16 percent to 50 percent of non-oil GDP; and to increase dramatically the capacity and quality of the health and education sectors through substantial capital investment.”
The United States could be of great help to Saudi Arabia in this endeavor, said Secretary of State Tillerson.
“For Saudi Arabia’s transformation to succeed, the private sector requires support from us in the public sector. This means engaging the Saudi Government to ensure rule of law in commercial transactions; transparency in procurement; adherence to international, science-based standards developed in consultation with industry experts; the protection of intellectual property rights; and a simpler, streamlined process to register and establish businesses in the kingdom.”
The U.S. government is standing by to the assist Saudi Arabia in this endeavor, including by facilitating partnerships between American businesses and Saudi Arabia.
The United States private sector is known for its development and use of superior technology, high quality products, creativity, professionalism, and reliable service. What’s more, U.S. companies can be relied upon to deliver on their commitments.
Economic cooperation between the United States and Saudi Arabia is a win-win for both countries. “When U.S. companies invest in the Saudi economy, everyone wins,” said Secretary of State Tillerson.“The U.S. creates jobs at home, and businesses in the Gulf region get the best business partners that the global marketplace has to offer.”