For Immediate Release: December 8, 2010
Contact: Mary Trupo (202) 482-3809
Commerce Trade Mission Opens Doors for U.S. Business in Saudi Arabia's Energy and Infrastructure Sectors
DHAHRAN, Saudi Arabia – Under Secretary of Commerce for International Trade Francisco Sánchez today concluded a successful energy and infrastructure trade mission to Saudi Arabia. The three-day mission wrapped up in Dhahran after Sánchez facilitated more than 300 meetings with the U.S. business delegation and potential Saudi Arabian partners to explore export opportunities in these critical sectors.
During the past year, Saudi Arabia has committed more than $750 billion to energy and infrastructure projects during the next decade, making it a key export market for U.S. technologies, goods and services.
“This mission has identified potential partners in both the public and private sectors that are very interested and excited to consider American products and technologies,” Sánchez said. “These projects will create excellent export opportunities for U.S. firms that can lead to the creation of good-paying jobs for Americans and sustainable jobs for Saudis.”
Riyadh and Dhahran are two of Saudi Arabia’s primary hubs for the energy and infrastructure industry sectors. Business delegation members promoted equipment, services, and technologies in the oil and gas, petrochemical, and construction sectors with Saudi government officials and private sector executives during more than 300 one-on-one meetings with potential clients.
Mission participants returned to the United States with a better understanding of opportunities within the energy and infrastructure sectors, and several firms reported they were close to finalizing plans for future projects or expansion into the Saudi market.
The United States is the largest exporter of goods and services to Saudi Arabia. In 2009, U.S. exports to Saudi Arabia totaled $10.8 billion. Through September 2010, U.S. exports to this critical market have increased by nearly eight percent from last year.
This trade mission advances President Obama’s National Export Initiative which aims to double U.S. exports within five years, supporting economic and job growth. It was Commerce’s 34th trade mission since the NEI was announced earlier this year.The Department of Commerce’s International Trade Administration, through trade missions and other vehicles, creates opportunities for U.S. companies wishing to do business in foreign markets.
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