FROM THE OFFICE OF PUBLIC AFFAIRS

I am pleased to report a fruitful day of discussion in Saudi Arabia, on subjects ranging from pro-growth economic reforms, to reconstruction efforts in Afghanistan and Iraq, to the ongoing war on terrorist financing.

Earlier today, I met with Finance Minister Al-Assaf, SAMA Governor Al-Sayari, and Commerce Minister Yamani, as well as with Foreign Minister Faisal, and we engaged in a constructive dialogue regarding economic reforms that will strengthen and diversify the Saudi Arabian economy.  In particular, I believe Saudi Arabia’s plan for accession to the World Trade Organization sets achievable targets for attaining an important milestone.  We also discussed reforms underway to open a variety of industry sectors to foreign investment, which will attract international capital and best practices to Saudi Arabia, spurring growth and stability.  There is general agreement that the Saudi economy needs to produce more jobs and investment outside the energy sector, to withstand the uncertainties of global oil markets and accommodate high population growth.

I am also pleased to say that the Saudi people are continuing their generous aid to relieve suffering in Afghanistan, which is the next stop on my tour through the Middle East.  The Saudi Kingdom has been a leader, along with the United States and Japan, in rebuilding the Kabul-Kandahar-Herat road, and they have pledged to join the United States in further bolstering reconstruction.

We also discussed Saudi Arabia’s contribution to Iraq’s reconstruction, and we are hopeful that the Saudis will choose to take a leadership role in helping its neighboring nation get onto its feet.

Finally, in our meetings today we discussed our outstanding progress working together on the fight against terrorist financing.  Saudi Arabia has been a strong ally to the United States in this essential matter.  Their close oversight of charities to guard against money laundering and terrorist financing sets an example to all countries engaged in the war against terror.

Thank you.