Are you ready to tap into Saudi Arabia’s expanding global trade network? The Kingdom is advancing its international business relations by forming several joint business councils with countries like Canada, Nigeria, and Indonesia, paving the way for enhanced trade and investment opportunities.
The General Authority for Foreign Trade has appointed Mohammed bin Nasser Al-Duleim as the chairman of the Saudi-Canadian Business Council and its executive committee. Supporting him are vice-presidents Abdullah bin Salem Al-Mukhles and Abdullah bin Ahmed Al-Ahmad. This strategic move aligns with the burgeoning relationship between Saudi Arabia and Canada, as both nations eagerly seek to enhance collaboration across various sectors.
Canada stands as Saudi Arabia’s most significant trading partner in the Middle East and North Africa, ranking 23rd globally. In 2022, the merchandise trade between the two countries reached approximately $5.1 billion, with Canada exporting $1.3 billion and importing $3.8 billion from Saudi Arabia.
Strengthening Ties with Nigeria and Indonesia
In a similar vein, the Saudi-Nigerian Business Council has appointed Sultan bin Mahdi Al-Qahtani as its chairman and head of the executive committee, with Nasser bin Abdulaziz Al-Sudais and Sultan bin Khalid Al-Turki serving as vice-chairmen. This partnership is set to bolster economic interactions, further supported by Nigeria’s early endorsement of Saudi Arabia’s bid to host the 2030 World Expo. According to the Observatory of Economic Complexity, Nigeria’s exports to Saudi Arabia amounted to $5.94 million in 2022, while Saudi Arabia exported $293 million to Nigeria.
Meanwhile, the Saudi-Indonesian Business Council has welcomed Ayman bin Amin Sajini as its chairman, alongside vice-chairmen Osama bin Abdullah Qoqandi and Saleh bin Abdullah Al-Qabaa. The longstanding ties between Saudi Arabia and Indonesia have gained renewed vigor, especially following King Salman’s visit to Indonesia in 2017. The establishment of the Saudi-Indonesia Supreme Coordinating Council, led by Crown Prince Mohammed bin Salman and President Joko Widodo, is a testament to this growing partnership. In 2022, Indonesia exported $1.97 billion to Saudi Arabia, while the Kingdom’s exports to Indonesia stood at $2.77 billion.
With these strategic alliances, Saudi Arabia is positioning itself as a dynamic hub for international trade and investment. The Kingdom’s commitment to fostering global partnerships opens up a world of opportunities for investors and businesses eager to capitalize on this vibrant economic landscape. Don’t miss out on the chance to be part of Saudi Arabia’s remarkable growth story.
