The Federation of Saudi Chambers and the Arab-Belgian-Luxembourg Chamber of Commerce signed a memorandum of understanding to establish the Saudi-Belgian-Luxembourgian Business Council, it is hoped that the Joint Business Council will lead focused institutional efforts to promote intra-regional trade and increase the volume of trade and investment cooperation between the Kingdom and Belgium and Luxembourg.
This came during the activities of the Saudi-Belgian-Luxembourgish Business Forum, where the memorandum of understanding was signed by the Secretary-General of the Federation of Saudi Chambers of Commerce, Hussein bin Abdul-Qader Al-Abdul-Qader, and the Secretary-General of the Arab-Belgian Chamber of Commerce, Caesar Hijazin.
The Council will carry out many commercial and promotional activities systematically in the field of trade, investment and technology transfer, focusing on the targeted sectors. It will also provide a platform for Saudi, Belgian and Luxembourgish businessmen to introduce and promote their activities and establish business partnerships.
The First Vice President of the Federation of Saudi Chambers, Eng. Tariq bin Muhammad Al-Haidari, stressed the importance of the meeting, as it provides a great opportunity to increase economic growth in both countries, especially after recovering from the Corona pandemic. Which significantly affected the decrease in the volume of intra-regional trade in 2020 to about 17 billion riyals, compared to 27 billion riyals in 2019.
He praised the strength of the Saudi economy and its strength in facing the consequences of the Corona pandemic, as it achieved great successes with the support of the rational leadership and the cooperation of all relevant parties, supported by the Kingdom’s vision 2030 and its objectives. Therefore, the real GDP for the year 2021 achieved a growth rate of 3.3 percent, compared to the decline in 2020, which amounted to -4.1 percent.
For his part, Secretary-General of the Arab-Belgian Chamber of Commerce, Caesar Hijazin, confirmed that the Belgian-Luxembourgian trade mission is the largest and first after the pandemic, as it includes a large number of companies, pointing to the distinguished relations between Saudi Arabia and Belgium, which extend for more than 100 years. Considering that the Saudi economy is of great importance as the largest economy in the Middle East and its position within the G20 countries, which provides Belgian and Luxembourgish investors with great investment and export opportunities within the projects of Vision 2030.
Source (Federation of Saudi Chambers website, Edited)
