Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the shared commitment to strengthening bilateral economic relations.
The talks coincided with a visit by a high-level Saudi delegation led by the Minister of Investment, Eng. Khalid Al-Falih, during which both sides announced the reactivation of the Joint Economic Commission.
These developments are gaining significant momentum, supported by Canada’s endorsement of Saudi Vision 2030 and the two countries’ willingness to expand their economic partnership across vital and non-oil sectors.
The Canadian Ambassador to Saudi Arabia, Jean-Philippe Linteau, told Asharq Al-Awsat that Canada was thrilled to welcome Al-Falih.
“His meetings with Prime Minister Mark Carney, Minister of Trade Maninder Sidhu and Foreign Minister Anita Anand, as well as with senior Canadian business leaders, were a clear illustration of Canada’s desire to grow the economic partnership between Saudi Arabia and Canada,” said Linteau.
The diplomat added that “there is growing momentum because of Canada’s support for the Kingdom’s Vision 2030 goals and the visit helped advance key engagement on trade and investment as well as partnerships in sectors such as education, mining, AI and infrastructure.”
In 2024, Saudi Arabia was Canada’s largest merchandise trading partner in the Middle East. Two-way merchandise trade between the two countries in 2024 was valued at approximately $4.1 billion.
Over 150 Canadian companies are active in Saudi Arabia, offering competitive solutions in artificial intelligence and frontier technology, healthcare, infrastructure, mining, defense products, and creative industries.
During their meeting in Ottawa, Sidhu and Al-Falih announced the launch of negotiations for a Foreign Investment and Protection Agreement between Canada and Saudi Arabia. They also announced the reactivation of the Joint Economic Commission, a treaty-based mechanism to promote trade and economic initiatives of mutual benefit.
Sidhu and Al-Falih welcomed the October 23 signing of a memorandum of understanding between Export Development Canada and the Saudi EXIM Bank.
The increased partnership between Canada and Saudi Arabia will boost business opportunities, increase bilateral trade and unlock export opportunities and investments in Canadian and Saudi Arabian companies alike.
The two ministers also discussed future strategic sector partnerships between Canadian and Saudi Arabian companies, including in the areas of artificial intelligence and frontier technologies, healthcare, infrastructure, mining, defense, and creative industries.
They also met with business leaders and industry stakeholders, participated in a business round table with Invest in Canada and focused on deepening Canada-Saudi relations by highlighting commercial success stories between Canadian and Saudi companies.
“Saudi Arabia is an important market for Canada as our largest bilateral merchandise trading partner in the Middle East. We’re committed to advancing economic cooperation and mutually beneficial investment opportunities to foster greater commercial prosperity for Canadians and Saudis,” Sidhu said in a statement.
“I look forward to strengthening the relationship between our two countries and promoting continued cooperation for our businesses, industries and workers,” he added.
