The first European Chamber of Commerce in the GCC region, ECCKSA, is set to be inaugurated in Saudi Arabia on May 8 to enhance economic and business ties between the Kingdom and the European Union.
The launch event will take place at the Cultural Palace in the Diplomatic Quarter of Riyadh.
ECCKSA’s website says the Chamber is “dedicated to advocating European business interests in Saudi Arabia and vice versa.”
“As a member-driven organization with strong government ties, ECCKSA offers a dynamic business network, opening doors to substantial commercial opportunities.”
“ECCKSA leverages its strong governmental relationships to facilitate market access for member companies, ensuring fair opportunities for both European and Saudi businesses,” it adds.
During the Saudi-EU Investment Forum held in October, Investment Minister Khalid Al-Falih said that the Kingdom’s coordination with the EU has a vital role in Saudi Arabia’s ongoing economic transitions.
Al-Falih emphasized the opportunities for investment and trade cooperation between the Kingdom and Europe.
“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” he said.
He stated that trade between the two countries reached 80 billion euros ($84.8 billion) in 2022, representing a 30 percent increase over the previous year.
The minister added that over 1,300 European companies have invested in Saudi Arabia.
At the same event, European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia “share an interest in continuing interactions on multilateral trade policy agendas.”
He said he was pleased that there was an agreement to accelerate the creation of ECCKSA.
