Riyadh Revives Business Council with Canada to Boost International Trade
After a five-year hiatus, the Federation of Saudi Chambers is making waves in the international trade scene by reestablishing a business council with Canada. Experts are hailing this move as a pivotal step in enhancing global trading relationships.
Key Players in the Business Council
Mohammed bin Nasser Al-Duleim has been appointed as the chairman of the Saudi-Canadian Business Council, following an agreement between the two nations to revive the council. This initiative is part of Saudi Arabia’s Vision 2030 economic diversification plan.
Expanding International Trade Networks
The Federation of Saudi Chambers has been actively working to strengthen Saudi Arabia’s international trade ties. With 70 foreign business councils established, including with major global players like China, the US, and the UK, the Federation is paving the way for enhanced communication and collaboration.
Benefits of Business Councils
Economist Mahmoud Khairy highlighted the importance of business councils in promoting transparency, trust, and cooperation among nations. By working together on trade-related issues, countries can attract foreign investors and drive economic development.
Canada-Saudi Arabia Trade Relations
Canada and Saudi Arabia have a strong trade relationship, with Saudi Arabia being Canada’s leading two-way trading partner in the Middle East and North Africa region. The reestablishment of the Saudi-Canadian Business Council will further solidify these ties and open up new avenues for economic cooperation.
Future Opportunities for Economic Growth
The Saudi-Canadian Business Council will provide a platform for business leaders to explore new opportunities and partnerships. With a focus on areas like digital healthcare, artificial intelligence, and energy, both countries are poised to benefit from enhanced economic collaboration.