Crown Prince Sultan bin Abdulaziz, the Deputy Premier, Minister of Defense and Aviation and Inspector General, graced a reception party held by the Saudi-US Business Council (SABC) in New York last night.
Addressing the gathering, Crown Prince Sultan extended his condolences and sympathy to the American people for the losses incurred by the hurricane Katrina.
He thanked the board of directors of the Saudi-US Business Council for arranging this meeting. "I believe that such meetings would contribute to enhancing cooperation between the two friendly countries, as the US is the Kingdom's leading trade partner, with US investors heading the list of foreign investors in the Kingdom", he said, adding that the bilateral relations between the two countries will remain firm and strong on both official and public levels.
"Given the importance of its economic and political leverage at the regional and international levels, the Kingdom has forged an oil policy reflecting its awareness of this status and has realized its utmost responsibility towards the world economy", he added.
He said: "The current oil price hikes is not a result of oil supply shortage, as you know, but as a result of increase in demand on the one hand, and refining capacity deficiency and natural and security circumstances on the other, as well as some irregular speculations."
"In this regard, we share the world's concern about the oil price increases, confirming that the Kingdom is ready to do its best to help the supply shortage and meet whatever demands", Crown Prince Sultan said.
He cited that the Kingdom has increased its daily production to eleven million barrels and will gradually reach the 12 million barrels per day target by 2009.
He underscored the importance of dialogue between producing and consuming countries for the sake of achieving stability in international oil markets and enhancing the role of the Energy Forum (with Riyadh, the capital of Saudi Arabia, hosting its Secretariat General upon an initiative from the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz).
He recalled that the Kingdom, has, since the days of its founder late King Abdulaziz, adopted the policy of economic freedom and openness. Accordingly, the Kingdom has achieved high economic growth rates that has enabled the Saudi economy to become one of the leading world economies.
"To guarantee this process, the Kingdom has launched a package of economic reforms programs, which aim to achieve structural reforms, innovate the systems and develop and enhance the role of the private sector", the Crown Prince said.
"To our belief, investment requires stable economic environment", he said, adding that accordingly, the Kingdom has attached special interest to the stability of its economic policy, which has enabled it to enjoy low inflation and stable currency rates.
"The Kingdom is also about to successfully seal its negotiations to join the World Trade Organization, as its has already signed a number of bilateral agreements with other WTO member courtiers", he said, citing the most recent bilateral agreement with the US on commodities and services.
He said the Kingdom is aware that the current improvement in its financial situation provides a timely opportunity to accelerate the reforms process. He cited that the Kingdom has already used these surplus revenues to upgrade the standard of living for its citizens, and achieve targeted development rates.
"The Government is following a planned program to rationalize spending and develop the country's infrastructure, update education and training, allocate a sizable portion of the budget surplus for writing off state debts and spend the rest on vital fields, including healthcare and other programs", the Crown Prince said.
He recalled that the most recent visit of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz to the United States of America has dramatically boosted the firm historical ties between the Kingdom and the US. Crown Prince Sultan referred his listeners to the minutes and joint communiqué of that visit to see how bilateral cooperation was since enhanced in different fields.
He said the governments of the two countries have put the foundation for developing the distinguished relations between the two countries, paving the way for the private sectors to shoulder their part of the responsibility to exert more efforts to look for commercial and investment opportunities.
He said that the very much appreciated efforts exerted by the Saudi-US Business Council will, no doubt, help businessmen in the two countries to have access to these opportunities and make use of them. Finally, he wished the Saudi-US Business Council every success.
In a key address, Sheikh Abdulaziz Alguraishi, the Saudi businessman who is also Co-Chairman of the Saudi-US Business Council, cast light on the objectives of establishing the Saudi-American Business Council, citing that it aims at increasing understanding and cooperation among businessmen in the States and their counterparts in the Kingdom and facilitating commercial and investment transactions and introducing investment opportunities in the Kingdom to US investors.
He gave an account of the organization's achievements and hints on its future programs, indicating that the Government of the Custodian of the Two Holy Mosques was determined to pour more than $600 billion on expanding the infrastructure and major services by 2020.
He drew the attention of the US investors to the fact that the Kingdom will soon obtain accession to the WTO, inviting the US companies, particularly the medium-sized ones, to enter the Saudi market.
He vowed that the council will continue to spare no effort to attract US investors to enter joint ventures and trade with their Saudi counterparts to the benefit of both sides.
Then all the attendees had dinner together.
The reception was attended by Prince Saud bin Khalid bin Mohammed ; Prince Turki Alfaisal, the Saudi Ambassador to Washington; Prince Turki bin Mohammed bin Saud Alkabeer, Undersecretary of the Ministry of Foreign Affairs for Political Affairs and Head of International Organizations Department; Prince Faisal bin Saud bin Mohammed; Prince Faisal bin Sultan bin Abdulaziz, Secretary General of Prince Sultan Charity; Prince Mishaal bin Abdullah bin Abdulaziz, Minister Plenipotentiary of the Ministry of Foreign Affairs; Prince Salman bin Sultan bin Abdulaziz, Minister Plenipotentiary at the Saudi Embassy in Washington.
The meeting was also attended by David Welsh, Assistant Secretary of State; Richard Murphy, former U.S. Undersecretary of State Department and a number of U.S. senate members.
Also present were Dr. Musaed Alaiban, Minister of State and Member of the Cabinet; Dr. Ibrahim Alassaf, Minister of Finance; Khalid Algosaibi, Minister of Economy and Planning, senior protocol officials and a number of Saudi and American businessmen.
