serves as the US point of contact for 22 Arab nations, creating strong relationships between Arab and American Embassies as a critical element of the Chamber's efforts to promote business and investment opportunities between the United States and the Arab world.
Underscoring the growing importance of US-Arab trade, Silvers said NUSACC
has just-released report on US exports to the Middle East and North Africa: US-Arab Trade Outlook: 2010.
US exports to the Kingdom are expected to top $26 billion by 2013 -- an all-time high -- and there is more room to grow as Saudi Arabia invests heavily in some of the region's biggest infrastructure and energy projects," David Hamod, president & CEO of NUSACC, told Arab News.
US Undersecretary of Commerce Francisco Sanchez told 200 leading US business executives at a luncheon organized by the NUSACC in Washington on Monday that "change is afoot throughout the region, and nothing can safeguard the region more than economic progress.
According to the NUSACC report, four regional demand factors are the core drivers for US exports: Infrastructure build-out, upstream energy development and downstream petrochemical projects, consumer spending, and enhanced investments in defense.
Given the high return opportunities, according to the NUSACC study, three to four investment dollars from abroad are likely to enter the MENA countries for every FDI dollar that these countries invest outside their home markets.
On his turn, David Hamod, NUSACC President and CEO said that by singing this agreement, OCCI and NUSACC will work as a team to launch this council within the activities of the Omani-US Business Forum which highlights the partnership between the public and private sectors.
NUSACC President and CEO explained that FTA and the Business Council will play a significant role in changing aspects of life in the Sultanate and US alike, affirming that the recent research conducted by NUSACC affirms that by 2013 the Sultanate will grow to become the eighth largest destination in the Arab world for the US goods and service.
The American official recalled that, as part of a project with NUSACC
, Tunisians who have completed their studies in American universities could be trained in American economic enterprises to acquire professional experience.
NUSACC was represented at the grand inauguration of the world's newest graduate-level research university on Wednesday.
KAUST represents a vital step in Saudi Arabia's transition to a knowledge-based society," said NUSACC President and CEO David Hamod.
He noted that when it comes to investments, Nigeria still remains largely undeveloped, which was the reason the NUSACC
decided that it is important to team up those professional Nigerians residing in the US, with American firms and bring them to Nigeria.