ECONOMY

Mohammed bin Salman and Trump discuss projects worth $200 bln

US President Donald Trump and Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman shake hands in the State Dining Room. (AFP)

The White House has announced that the Saudi Deputy Crown Prince Mohammed bin Salman and United States President Donald Trump have discussed potential economic projects worth $200 bln.

The White House said in a statement that the development of the economic cooperation between Washington and Riyadh will provide job opportunities for the two countries.

They also said the Saudi deputy crown prince briefed Trump on the 2030 vision and the expected joint projects to be implemented.

US and Saudi officials will be discussing further steps to deepen trade relations, encouraging investments and expanding the cooperation in the energy sector.

US President Donald Trump and Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman meet at the Oval Office of the White House. (AP)

The two countries highlighted the intention to strengthen their cooperation in the economic, trade, energy and investment fields in order to achieve growth and prosperity in both countries and boost the global economy.

Trump expressed his support for the development of a new program between the United States and Saudi Arabia prepared jointly between working groups from both countries. The program will tackle energy, industry, infrastructure and technology, that is worth more than 200 billion dollars of direct and indirect investments within the next four years.

Trump has also expressed his support for US investments in Saudi Arabia, and to facilitating the bilateral trade that will provide great opportunities for both countries.

VIDEO: Trump meets Deputy Crown Prince Mohammed bin Salman in White House

As for the energy sector, the two countries confirmed their desire to continue bilateral consultations that promote the growth of the global economy and reduce the offer disruption and the volatility of the market.

The two countries agreed that the expanded economic cooperation could create up to 1 million direct American jobs in the next four years, and millions of indirect American jobs, as well as new job opportunities in Saudi Arabia.

The Deputy Crown Prince told Trump about Saudi Arabia’s vision for 2030. He agreed to develop specific bilateral programs to help the two countries take advantage of the new opportunities arising from the Saudi implementation of the new economic plans.

Prince Mohammed bin Salman’s advisor said in a statement that the deputy crown prince and the American president discussed during their meeting on Wednesday many economic issues, most notably the significant Saudi investments in the United States, in addition to opening new opportunities for US companies in the Saudi market.

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Last Update: Thursday, 16 March 2017 KSA 12:51 - GMT 09:51
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