Saudi Arabia seeks to push US investments to $600bn

RIYADH ( WNAM MONITORING): : Saudi Arabia intends to broaden its trade and investment in the United States to at least $600 billion over the next four years, the Saudi Press Agency reported early on Thursday.
Saudi Arabia’s Crown Prince Mohammed bin Salman told US President Donald Trump about the Kingdom’s plan during a phone conversation late Wednesday, the report said.
With Trump’s vow to carry out wide-ranging reforms in the world’s largest economy, the Kingdom seeks to participate in opportunities for partnership and investment, SPA quoted the crown prince as saying.
The report did not indicate any details of the planned investments.
The two leaders also discussed ways for cooperation between their countries to promote peace, security and stability in the Middle East, in addition to enhancing bilateral cooperation to combat terrorism.
Trump assumed office on Monday and said he would restore American prestige and rebuild its economic power.
Trump made the Kingdom his first foreign visit during his first term and the countries signed a number of investment agreements worth about $400 billion.
The crown prince said in 2018 that part of the “armaments will be manufactured in Saudi Arabia, so it will create jobs in America and Saudi Arabia, good trade, good benefits for both countries and also good economic growth. Plus, it will help our security”.
Trump campaigned on his America First policy which seeks to prioritize the US economy and American citizens.
He signed an executive order on Monday to establish “a robust and reinvigorated trade policy that promotes investment and productivity, enhances our Nation’s industrial and technological advantages, defends our economic and national security”.
Prince Mohammed conveyed his and King Salman’s congratulations to Trump upon his return to the Oval Office and the Saudi leaders wished the American people further progress and prosperity.
Trump expressed his thanks to the king and crown prince for their congratulations, stressing his keenness to work with them on everything that would serve the common interests of both nations.
Trump was well received in the Kingdom in 2017 and attended a number of events in Riyadh with the king and crown prince. King Salman presented the US president with the Collar of Abdulaziz Al Saud, the Kingdom’s top civilian honor.
The king hosted a state dinner for Trump, where both took part in a traditional war dance ahead of the banquet.
The pair also opened the Global Center for Combating Extremist Ideology, part of a broad initiative to tackle the root causes of extremism and stop terror financing.