RIYADH: A US trade delegation with representatives of 16 defense companies and headed by Commerce Department Undersecretary Kenneth Hyatt will visit Saudi Arabia and Kuwait soon.
A statement from the US Department of Commerce said the delegation will aim to introduce US companies to these countries and help them in achieving investment opportunities.
Hyatt said the Gulf states are a promising market with huge investment opportunities for US companies. He said the defense and security market continues its growth on the global level, and companies that are participating in this delegation are qualified to enter into partnerships with Saudi and Kuwaiti government companies and establishments.
The Department of Commerce has a rich portfolio in offering aid to companies that look to expand and enter the global market, the statement said. The delegation will start its tour with a visit to Kuwait and then proceed to Riyadh and Dhahran. The undersecretary will meet with government officials of both countries and representatives of the industrial sector to discuss trade priorities and potential fields of cooperation.
Participating companies will be able to get a clearer image about the nature of the regional market which is expanding, and they will have the chance to forge relations and open channels of communication with the representatives of this sector, in addition to learning the best commercial practices and participating in bilateral meetings with local partners.
The Kingdom has become one of the largest markets for US exports in the fields of defense and security. The Kingdom is expected to purchase security apparatus worth $14 million in the next three years.
On another level, the government of Kuwait will implement a plan to increase investments in safety and security tools by the year 2020.
© Arab News 2016
