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Arab News


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Write up about November 2007 Trade Mission to Saudi Arabia in which I was a particpant.

Write up about November 2007 Trade Mission to Saudi Arabia in which I was a particpant.

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  • 1. The Middle East's Leading English Language Daily Monday 5 November 2007 (25 Shawwal 1428) Print Page US Business Group Seeks Collaboration With Saudis Rodolfo C. Estimo Jr., Arab News — RIYADH, 5 November 2007 — A 15-member trade delegation from the United States explored the possibilities of cooperation in trade, distribution, manufacturing and joint ventures with Saudi businessmen in a meeting held yesterday at the Riyadh Equestrian Club. The delegation’s visit is under the auspices of the US-Saudi Arabian Business Council. Most members, representing small- and medium-size companies from Pennsylvania, New Jersey and New Hampshire, are here for the first time. “We are optimistic that the business volume between the three US states and Saudi Arabia will further increase. Our optimism is based on the fact that the Saudi economy is booming,” said Peter C. O’Neill, executive director of the Center for Trade Development of the Office of International Business Development at the Pennsylvania Department of Community& Economic Development. O’Neill, who stayed in Riyadh when he was only 12 years old because his father was working for Lockheed, said that the “six economic cities which the Kingdom is scheduled to build is encouraging as far as we are concerned.” “These projects will certainly require the products of and services from the three states we’re representing,” he said. Edward Burton, president and managing director of the US-Saudi Arabian Business Council, said “they are eager to do business with their Saudi counterparts.” “We’ve come here fully aware that we have good products and services for the Saudi market,” said John V. Accorsi, business manager of Nylon Corporation of America (Nycoa). Accorsi said that Nycoa has “great chances of making good business in the Kingdom since there are not so many firms similar to his company which is specializing in manufacturing nylon.” Domenic J. Caruso, senior sales consultant of Parking Products Inc. (PPI), expressed excitement in having joined the delegation, noting not only the “hospitality of the Saudi people but also the great opportunities which Saudi Arabia presents as a place to do business.” Abdulaziz Al-Quraishi, co-chairman of the US-Saudi Arabian Business Council, expressed optimism that the visit will be beneficial for both the Kingdom and the US. Omar Bailawa, secretary general of the Committee of International Trade of the Council of Saudi Chamber of Commerce and Industry, said the visit is in the right direction in improving the business ties between the two countries. Saudi Arabia is the US largest trading partner in the Near East and North Africa and it is the 17th worldwide. Additionally, the US remains Saudi Arabia’s largest investment partner with close to $9.3 billion in foreign direct investment. As of 2005, the US exported $5.56 billion worth of goods to the Kingdom while its imports from the Kingdom stood at $26.1 billion. “It also helps in making the ties between the Kingdom and the United States closer,” said Sultan M. Bin Saleh, chairman of Salehiya Establishment.
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