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The US and Saudi Arabia are important economic and geopolitical allies. When President Trump met with Saudi Deputy Crown Prince Mohammed bin Salman last month, the 80-year relationship was further entrenched. But in order for our two countries to lead, both of our economies must be strong, stable, and growing.
On Wednesday at the U.S.-Saudi Arabia CEO Summit at the U.S. Chamber, Secretary of State Rex W. Tillerson expressed the administration’s support for the country’s economic reforms:
We support Saudi Arabia’s 2030 plan that seeks to transform their economy and society. In particular, specific commitments to increase foreign ownership on listed companies; to boost the women’s workforce participation rate from 22 percent to 30 percent; to augment the private sector’s contribution to GDP from 40 percent to 65 percent; to move to free market pricing in place of subsidies in energy; to raise the share of non-oil exports from 16 percent to 50 percent of non-oil GDP; and to increase dramatically the capacity and quality of the health and education sectors through substantial capital investment.
The U.S. business community also supports these reforms, and they are feeling more optimistic as a result. As part of the summit, the U.S. Chamber released the U.S.-Saudi Arabia Business Outlook Survey, which reveals that American businesses have a positive outlook and plans for growth in the Saudi market.
The Trump administration and American businesses are committed to facilitating partnerships with Saudi Arabia. When American businesses partner with Saudi Arabia, they help grow our domestic economy and extend free-market values throughout the global economy.
The U.S. Chamber of Commerce will continue to work with the Council of Saudi Chambers to initiate a successful new chapter in our important and growing relationship with the Kingdom of Saudi Arabia.
You can watch Tillerson's full speech here: