The International Trade Administration (ITA) announced that the Under Secretary of Commerce for International Trade, Francisco Sánchez, concluded a successful energy and infrastructure trade mission to Saudi Arabia on Wednesday. The three-day mission wrapped up in Dhahran, Saudi Arabia after Sánchez facilitated more than 300 meetings with the US business delegation and potential Saudi Arabian partners to explore export opportunities.
During the past year, Saudi Arabia has committed more than $750 billion to energy and infrastructure projects during the next decade, making it a key export market for US technologies, goods and services.
"This mission has identified potential partners in both the public and private sectors that are very interested and excited to consider American products and technologies," Sánchez said. "These projects will create excellent export opportunities for US firms that can lead to the creation of good-paying jobs for Americans and sustainable jobs for Saudis."
Riyadh and Dhahran are two of Saudi Arabia's primary hubs for the energy and infrastructure industry sectors. Business delegation members promoted equipment, services, and technologies in the oil and gas, petrochemical, and construction sectors with Saudi government officials and private sector executives during more than 300 one-on-one meetings with potential clients.
Mission participants returned to the US with a better understanding of opportunities within the energy and infrastructure sectors, and several firms reported they were close to finalizing plans for future projects or expansion into the Saudi market.
The US is the largest exporter of goods and services to Saudi Arabia. In 2009, US exports to Saudi Arabia totaled $10.8 billion. Through September 2010, US exports to this critical market have increased by nearly 8 percent from last year.
This trade mission advances President Obama's National Export Initiative which aims to double US exports within five years, supporting economic and job growth. It was Commerce's 34th trade mission since the NEI was announced earlier this year.