LOC21:39
18:39 GMT
RIYADH, May 13 (KUNA) -- Saudi Crown Prince Mohammad bin Salman Al Saud stated Tuesday that the Kingdom is planning to raise its investments in and trade exchange with the US to USD 1 trillion in the coming months.
Crown Prince Mohammad bin Salman made this announcement during his speech at the Saudi-US Investment Forum held in Riyadh today in the presence of the US President Donald Trump.
He pointed out that the Saudi-US economic relations date back to 1933 when the Kingdom signed an oil exploration agreement with the American company Standard Oil of California.
"We current work on a partnership with the US at a total value of USD 600 billion, including USD 300 billion-worth agreements announced today at the forum," he stated.
"In the coming months, we will prepare the second batch agreements with the US to reach USD 1 trillion."
He clarified that the Kingdom seeks to deepen its strategic partnership with the US and move from a natural resources-based economy to a diverse knowledge and innovation-based economy.
The Saudi Crown Prince disclosed that this Saudi-US partnership encompasses multiple areas, such as military, security, economic, and technological cooperation, and contributes to localizing industry, developing local content, and supporting the gross domestic product.
He noted that approximately 40 percent of the global investments of the Saudi Public Investment Fund are in the United States, reflecting confidence in the American economy and its ability to innovate, particularly in the fields of technology and artificial intelligence.
A total of 1,300 American companies are operating and investing in the Kingdom, representing nearly a quarter of foreign investments here, he said, adding that 200 companies of these companies have established their regional headquarters in the Kingdom.
The Crown Prince emphasized that Kingdom's Vision 2030 has achieved most of its goals and contributed to diversifying the economy and empowering the private sector.
Non-oil exports rose to USD 82 billion in 2024, more than 2.2 million Saudi nationals were employed, unemployment fell to its lowest level in history, and women's presence in the labor market doubled.
He emphasized that cooperation between the two countries is not limited to economy but extends to leading political endeavors to promote security and peace in the region and the whole world. (end)
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