2003 News Story

Commerce minister meets with U.S. business delegation

Minister of Commerce Osama Faqih met in Riyadh today with a delegation of U.S. businessmen from Texas, led by Herbert Hunt, Chairman of the 'Petrohunt' Petroleum Company. Minister Faqih also held talks with U.S. Ambassador to the Kingdom Robert Jordan concerning aspects of growing cooperation in the areas of economics and trade, reviewing ways of benefiting from the opportunities available to set up partnerships in investment projects, and the transfer of technology. The volume of trade between Saudi Arabia and the United States amounted to SR 76.3 billion [U.S. $ 20.4 billion] in 2001. Currently, there are 337 joint ventures with a capital investment of SR 82 billion [$ 21.9 billion].