The Federation of Saudi Chambers and the Arab-Belgian-Luxembourg Chamber of Commerce signed a memorandum of understanding (MoU) to establish the Saudi-Belgian-Luxembourg Business Council to promote and expand intra-regional trade and boost investment cooperation between the three countries.
Deputy Ambassador of Belgium to Riyadh, Elisa de Raes, explained that the Belgian business sector, with about 90 Belgian and Luxembourgish companies in six main sectors, targets investment opportunities and commercial partnerships.
She stated that Belgian companies have the experience, knowledge, and technology necessary to enter into projects in the Kingdom.
The council, which was announced during the Saudi-Belgian-Luxembourgian Business Forum in Riyadh, carries out commercial and promotional activities in the fields of trade, investment, and technology transfer systematically, with a focus on the targeted sectors.
It also provides Saudi, Belgian, and Luxembourgian businesspeople with a platform to present themselves, promote their businesses, and build commercial relationships.
Secretary-General of the Federation of Saudi Chambers Tariq al-Haidari explained that the coronavirus pandemic significantly impacted the intra-regional trade volume in 2020 to about $4.5 billion, compared to $7.2 billion in 2019.
Haidari indicated that the volume of trade exchange during the fourth quarter of 2021 increased by 54 percent to reach $1.7 billion, compared to the same quarter of the previous year.
He underscored the strength of the Saudi economy, noting that the real GDP increased 3.3 percent in 2021, compared to a 4.1 percent decrease in 2020.
The increase resulted in the economy recovering from the pandemic through the growth of non-oil activities by 6.6 percent, government services activities by 1.5 percent, and oil activities by 0.2 percent.
Arab-Belgian Chamber of Commerce Secretary-General Caesar Hijazin said the Belgian-Luxembourg trade mission is the largest and first after the pandemic, as it includes many companies.
He indicated that the Saudi economy is among the G20 countries and the largest in the Middle East, which provides Belgian and Luxembourgian investors with significant investment and export opportunities.
Advisor on International Affairs at the Luxembourg Chamber of Commerce Edith Stein highlighted the positive changes in the Kingdom on all levels, especially the economy.
Stein expressed Luxembourgian companies' interest in entering the Saudi market, exploring investment opportunities, and sharing their experiences in various sectors.
She expected the forum to contribute to paving the way for future cooperation and building new partnerships, calling on Saudi investors to visit Luxembourg and see available investment opportunities.
