2006 News Story

Commerce Secretary praises the Kingdom’s economic reforms

In remarks at a breakfast hosted yesterday in Riyadh by American businessmen living and working in the Kingdom, Secretary of Commerce Carlos Gutierrez noted the longstanding commercial partnership between Saudi Arabia and the United States and suggested that further economic reforms would strengthen and diversify the Saudi economy.

“US businesses should be playing a larger role within the Saudi Arabian market. I hope that the government of Saudi Arabia will welcome and encourage additional participation by American companies,” Gutierrez said.

“Saudi Arabia is entering a new age. And we stand to help the Kingdom diversify its economy as it expands its manufacturing and services sectors, and unleashes greater entrepreneurship,” the secretary noted.

“Saudi Arabia began reforming its economy over the course of the last ten years and [World Trade Organization] accession is the crowning achievement of this continuing effort,” Gutierrez said. “Saudi Arabia’s reforms have already brought positive changes to the economy as a whole. Further progress will continue strengthening and diversifying the Saudi economy.”

Gutierrez has been in the Kingdom to encourage economic reform and promote stronger commercial relationships between the United States and the Middle East.  His eight-day visit to the region also includes stops in Bahrain and Egypt.