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2005 Saudi Trade Mission

May 10, 2005

NY Hilton Hotel, NYC

Many Americans think that trade relations with Saudi Arabia are about the U.S. buying their oil. In reality, the U.S. is Saudi Arabia’s largest trading partner, providing 16 to 20 percent of all imports. Because of new market reforms, and changes in trade laws and regulations, Saudi Arabia is poised for unprecedented economic growth and rolled out the welcome mat to New York businesses with a one-day forum to promote an estimated $623 billion of market opportunities projected for the Saudi economy through 2020. The forum featured experts from Saudi Arabia, the U.S. Departments of Commerce and Energy, and a New York member of the National Association of Manufacturers (NAM). The agenda consisted of seminars discussing business opportounities in water, electricity, oil, petrochemicals, capital market authority, mining, railroad, communications, and IT.The forum was hosted and sponsored by the Committee for the Development of International Trade (CIT) of the Council of Saudi Chambers of Commerce and industry, in cooperation with the U.S. Departments of Commerce and Energy and the National Association of Manufacturers. CIT was established according to the Royal Decree No. R/6 of July 28, 1979, as an established body concerned with joint interests of Saudi Commercial and industrial Chambers in Saudi Arabia. The Council represents these chambers at national and international levels and unterdakes the promotion of the private sector’s role in the national economy.The event started with a welcome address by a panel of speakers, which included Wyche Fowleer, Former U.S. Ambassador to Saudi Arabia and Senior Advisor to Chevron/Texaco; William H. Lash, III, Assistant Secretary of Commerce to Market Access and Compliance for the International Trade Administration of the U.S. Department of Commerce; Justin Swift, Deputy Assistant Secretary for International Affairs for the office of Fossil Energy of the U.S. Department of Energy; Omar Bahlaiwa, Secretary General Council of Saudi Chambers of Commerce and Industry; Don Sciolaro, Senior Regional Manager of the National Association of Manufacturers; and James Oberwetter, the U.S. Ambassador to Saudi Arabia.After the morning welcoming, there were individual workshops which took place. One of these discussed the opportunities available for water and electricity trade, and the other involved gas and petrochemicals. There was also a seminar on how to benefit from Saudi Arabia’s capital market. Later on, their was another seminar on Mining and Railroad trade investment opportunities, as well as another seminar on Saudi Aramco procurement Opportunities, as well as telecom and IT.During the generous lunch, Her Royal Highness, Princess Loulwah Al-Faisal Bin Abdulaziz gave the keynote address. Princess Abdulaziz is a member of the Saudi Arabian Royal family, and is involved, experienced, and dedicated to promoting women’s education, social and family welfare.Princess Abdulaziz spoke about a number key topics, including the diversity of economic factors that have been introduced with regard to Saudi Arabian industry, including the petrochemical industry, started out of nothing, which has an annual production rate of 13-million-tons, that is expected to grow to 48-million tons by the year 2010. Other factors which the Princess spoke about was the significant increase in the Saudi-Arabian Government’s incorporation of women into industry, which is marked by the lifting of a ban on women partaking in a diversity of industries, literally changing the role of women in the workforce. Women are actually being trained in many different industries, making them more viable partakers within the Saudi Government.The lunch hour was magnificent. It was buffet style, with all the trimmings, including desserts, and was sponsored by Chloe Foods, Chairman and Chief Executive Officer Thomas T. Konteogiannis.

This was a great event. We would like to thank Ms. Jennifer Reising, from Reising Communications, for her kind invitation. Anyone interested in learning more about the Saudi Trade Mission may visit their website at www.sauditrademission.com

This section of the Liberty News Online Magazine will cover topics associated with business, eg., chambers of commerce, business luncheons and breakfasts, exclusive interviews with business CEO's, business networking meets, and many more topics associated with business.  If you have interest in having us come to cover one of your events, no matter how big or small it is, please feel free to contact us one week in advance, so we can ad you to our master events calendar. Email us at lnevents@hadofnyc.org, or call us at (718) 507-7616 from 8:00 am until 8:00pm, and ask to speak to Robbie.