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KSA-USA bilateral trade reached SAR2tr in 10 years

KSA-USA bilateral trade reached SAR2tr in 10 years
Photo Credit: Ministry Website

Riyadh - Mubasher: The Saudi Ministry of Commerce and Investment (MCI) said that trade exchange between Saudi Arabia and the United States has exceeded SAR 10 trillion ($533 billion) during the last decade.

The ministry said in a statement on Saturday that the roots of economic cooperation between the Kingdom of Saudi Arabia and the United States of America dates back to discovering oil in the KSA in 1933.

In September 2015, King Salaman’s visit to Washington resulted in signing the strategic partnership for the 21st century, the statement noted.

The recent visit by the Deputy Crown Prince, Mohammed bin Salman, to the US in June has also helped strengthen the ties between the kingdom and the United States, in line with the Saudi Vision 2030, which aims at raising foreign direct investments contribution to the total gross domestic product (GDP) from 3.8% to 5.7%.

Today, US president Donald Trump arrived to Saudi Arabia, in his first international trip since taking office in January.