Saudi- 'Kingdom working tirelessly to improve investment climate'

(MENAFN- Arab News) WASHINGTON: Custodian of the Two Holy Mosques King Salman was the chief guest at the US-Saudi Investment Forum's dinner banquet organized by the US-Saudi Arabian Business Council (US-SABC) in Washington on Friday. Upon arrival at the venue King Salman was received by Washington D.C. Mayor Muriel E. Bowser.
The dinner banquet was attended by Deputy Crown Prince Prince Mohammed bin Salman; Prince Abdulelah bin Abdul Aziz adviser to the king; Prince Khalid bin Fahd bin Khalid; Prince Mansour bin Saud; Prince Talal bin Saud; Prince Saud bin Fahd; Prince Abdullah bin Faisal bin Turki; Prince Hossam bin Saud; Prince Mohammed bin Abdul Rahman; Prince Abdul Aziz bin Saud bin Naif; Prince Ahmed bin Fahd bin Salman; Prince Abdulmajeed bin Abdulelah; Prince Rakan bin Salman and other princes ministers and businessmen.
The following is the text of King Salman's speech at the event:
In the Name of Allah the Most Compassionate the Most Merciful praise be to Allah Almighty prayer and peace be upon the Messenger of Allah (may the peace mercy and blessings of Allah be upon you
I am pleased to meet you this evening.
The Saudi-US relations are historic and strategic ones since their foundations have been laid by late King Abdul Aziz and His Excellency Franklin D. Roosevelt.
We have worked together side by side over the past 70 years to counter all the challenges that threaten the security and stability in the region and to promote the march of bilateral cooperation for the benefit of the two friendly countries and the upholding of global economic growth.
This visit came to discuss the development of relations between the two countries in all fields and to discuss our issues. And I have been pleased to find that we have the same views and opinions on moving our strategic relationship to higher levels.
We have the intention to develop the comprehensive framework to consolidate the strategic partnership between the two countries and promote them in various fields for decades to come taking into consideration that the United States is the largest trading partner of Saudi Arabia and that the US investors are the top and largest investors in our country.
The Kingdom of Saudi Arabia seeks to promote the march of sustainable and balanced development and will continue to strengthen its economy and enhance its stability competitiveness and attractiveness for domestic and foreign investment. Our economy is supported by factors through which it can encounter economic conditions and regional and international crises topped by decline of oil prices.
The advantages and natural resources enjoyed by Saudi Arabia provide major economic and investment opportunities. We look forward to the global US companies to participate in this opportunities in various fields including economic financial banking commercial industrial energy mining and infrastructure ones that would strengthen our strategic partnership and move them to wide horizons.
Due to the pivotal value of oil in the international energy sources and its importance for global economic growth and stability and in recognition of the role of Saudi Arabia in that as a major producer of the petroleum our policy has been and continues to ensure the stability of the global economy and its growth balancing between the interests of consumer and producer and enhancing investment in the various energy sectors.
Saudi Arabia pays full attention and care to the private sector as a full partner in the development march and the growth and development being experienced by the private sector as well as its increasing contribution to the gross domestic source is a source of pride to us and we reaffirm our commitment and continuous quest to improve the investment environment in the Kingdom.
In this context we have issued our directives to the Ministry of Commerce and Industry and the Saudi Arabian General Investment Authority (SAGIA) to study all trade and investment regulations to facilitate the work of international companies and provide incentives including direct work in the Saudi markets for those companies which wish to invest in the Kingdom and their offers may include manufacturing or investment plans within specific time programs and the transfer of technology as well as the employment and training programs for Saudi citizens and to achieve the common interests of both sides.
In conclusion I thank you all for what you have done to strengthen relations between the two countries.