US security industry firms to visit Kuwait and Saudi

WASHINGTON: US Acting Undersecretary of International Trade Ken Hyatt will visit Kuwait and Saudi Arabia from November 12 to 18 as the head of a safety and security industry trade delegation of 16 US firms. The mission will introduce these firms to the regional security market in the two Gulf countries and will provide the opportunity for export channels, the US Department of Commerce said in a statement on Thursday. The delegation includes a diverse group of small and medium-sized enterprises (SMEs) and large corporations. Commenting on the visit, Hyatt said “the Gulf region represents enormous export potential for US companies.”

As defense and security markets continue to grow globally “firms on this mission are well-positioned to enter into partnerships with Kuwaiti and Saudi businesses and government,” he said. “The Department of Commerce has a proven track record of providing export assistance to companies looking to enter or expand in target markets,” he added. The mission will visit Kuwait, and Riyadh and Dhahran in Saudi Arabia, with Hyatt expected to meet state officials and industry representatives to discuss trade priorities and potential areas of cooperation.

During the visits, these firms will gain insights on the region’s expanding markets, learn best practices and create contacts with prospective partners. The companies will return with a deeper knowledge of the area and its dynamic growth in the security space, said the statement. Kuwait is implementing a country-wide plan to significantly increase investment in safety and security equipment through 2020. On the other hand, Saudi Arabia has been the world’s biggest defense market for US exporters over the past two years. It is forecast to procure $14 billion worth of security systems and services over the next three years, the statement mentioned. — KUNA