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Remarks at the Nashville Chambers of
Commerce
Nashville, Tennessee
June 6, 2006
Good afternoon. Before I get started, I would like to
thank the Nashville Chambers of Commerce, and Mr. John Butler and
the International Business Council for hosting this luncheon.
And I also want to extend a special thanks to all of our sponsors
who have made today possible, including Baker Donelson and Federal
Express. Thank you.
I appreciate all of you being able to join me here today.
I am sure you have many questions, so I will be sure to keep my
remarks brief.
During these past few months, since becoming Ambassador, I have
traveled all throughout the U.S. to meet and talk with Americans.
I have seen many cities. And I am glad to be in Nashville.
It is one of those places you simply must visit, like New York
City or New Orleans. From Hank Williams to Willie Nelson, a
distinct American heritage has been established here.
Because of that, Nashville carries a mystique about it, much like
Hollywood. In fact, I�ve heard it said that Nashville is a
lot like Hollywood � but without the tan.
From what I�ve learned, though, there�s more to this city
than the Grand Ole Opry. Although Nashville is renowned as a major
music recording center, it is also a thriving commercial and
financial hub. And it has a long history of being one.
You only have to look at the grand, classical-style buildings all
around the downtown area to appreciate this city�s legacy of
economic prosperity.
I think in some ways, though, the glamour of the country music
scene overshadows what is at the heart of Nashville. And
that is business.
Saudi Arabia faces a similar situation. We�re known for
our oil. As the largest producer and exporter of oil in the
world, it would be difficult not to be known for our energy
supply. But, like Nashville, there is a lot more going on
� especially these days.
I would like to take this time to share with you what the
Kingdom has been doing to diversify its economy, and expand the
opportunities for its citizens. I would like people to know
there is more to Saudi Arabia than oil. There is tremendous
opportunity.
I say this because, when it comes to Nashville, I don�t
believe companies like FedEx, Dollar General, or even Nissan are
investing here just for the music. These firms know there is
an infrastructure here to support their business. And they
know there are people here willing to work hard.
It is the same way with Saudi Arabia. Oil is not enough
to bring business to the desert. That is why we have been
building the infrastructure for investment. In the past ten
years, the Saudi government has enacted many new laws and created
nine new regulatory bodies aimed at streamlining commerce and
opening up our system to increased investment. And, as of
last December, Saudi Arabia is now an official member of the World
Trade Organization.
These reforms have led, in recent years, to an unprecedented
economic boom. Some say the economic up-turn is a result of
oil prices, but I view our performance as an affirmation of our
citizens� confidence in the system.
Over time it will run through its cycles � as we have seen in
recent months � but we have laid prudent groundwork. We
haven�t just thrown money at our problems. We didn�t
just make up a spending list. Ours has been a systematic
approach to facilitate considerable investment opportunities for
both overseas investors and the Saudi private sector. Many people
understand this and the market reflects it.
In fact, last year, the World Bank ranked Saudi Arabia as the
best place in the region to do business. I do not think they would
make this judgment on the strength of our oil reserves alone.
Saudi Arabia is open for business. And we are doing so for good
reason.
King Abdullah wants Saudi Arabia to become a full, contributing
member of the global community. We want to see our citizens
competing in the world. We want to see our economic reform
be a key driver of positive change in our society. Our citizens
need to further their education; they need to be employed; and
they need to make constructive contributions.
Enabling our citizens to prosper is just one aspect of Saudi
Arabia�s efforts to modernize our society and seek positive
change. But it is an important one. And I believe we are
succeeding.
Currently, there are investment opportunities worth over $650
billion available in the next 15 years. These are in a number of
fields, including expanding natural gas industry, growing IT,
developing the mining and tourism sectors, healthcare, education,
and further privatizing state-owned corporations.
We are even building a planned city on the Red Sea, which will
contain all of the most modern facilities to take Saudi Arabia
into the next generation of global business and trade. Known
as the King Abdullah Economic City, it is intended to create jobs
and increase foreign participation.
The project broke ground last December, and will cost over $26
billion. The city will feature one of the largest deep-water ports
in the world for freighters moving between the Indian Ocean and
the Mediterranean. It will also contain a �financial island�
that will be home to the assets and funds of the world�s biggest
financial institutions, including banks, investment houses, and
insurance companies.
This will truly demonstrate Saudi Arabia�s place as the
largest economy in the region. And much like the buildings in
downtown Nashville, Saudi citizens will have much to point to in
the future as evidence of their economic progress.
Ladies and Gentlemen:
In addition to bringing much good to the Saudi people,
increased trade and commerce will benefit our relationships with
our global partners as well. The language of business is a
powerful one � one that has the ability to connect people in
ways no government can.
I believe this is especially true for the Saudi-U.S.
partnership, as the original connection between our people was
formed through business � back when American geologists helped
us develop our oil industry. Our business partnerships have come a
long way since then and developed into many areas.
Even some of Nashville�s business community have long
recognized the potential in Saudi Arabia. HCA, for example,
first entered the Kingdom through the construction of the King
Faisal Specialist Hospital in Riyadh more than 30 years ago.
They saw the opportunity then, and I hope many more companies and
foreign investors see the greater opportunities now.
In Saudi Arabia, we expect the partnerships we form, by working
with others, will build bridges of understanding between our
cultures for generations to come. Our common business will
underscore our common interests and common goals. And despite our
different traditions, we can be assured that our desire for a
better future for our children is an objective we all share.
There is a lot we can accomplish together, and God willing, we
will.
Thank you for listening. I would be glad to take any
questions you now have.
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