The Federation of Saudi Chambers signed a memorandum of understanding (MOU) with the Arab-Belgian-Luxembourg Chamber of Commerce on Sunday to establish the Saudi-Belgian-Luxembourg Business Council, to promote intra-regional trade and increase the volume of trade and investment cooperation between the Kingdom, Belgium, and Luxembourg.
The Council will be tasked with various commercial and promotional activities in trade, investment, and technology transfer, focusing on the targeted sectors. It will also provide a platform for Saudi, Belgian and Luxembourgish businessmen to introduce and promote their activities and establish commercial partnerships.
This announcement came during the activities of the Saudi-Belgian-Luxembourg Business Forum. The MOU was signed by the Secretary-General of the Federation of Saudi Chambers of Commerce, Hussein bin Abdul-Qader Al-Abdul-Qader, and the Secretary-General of the Belgian Arab Chamber of Commerce, Qaisar Hijazin.
The First Vice President of the Federation of Saudi Chambers of Commerce, Eng. Tariq bin Mohammed Al-Haidari, stressed during his speech at the forum the importance of the meeting as it provides a great opportunity to increase economic growth, especially after recovering from the Covid-19 pandemic, which lead to a decrease in the volume of intra-regional trade in 2020 to around SR17 billion, compared to SR27 billion in 2019.
He pointed out that the volume of trade exchange during the fourth quarter of 2021 increased by 54% reaching SR6.6 billion compared to the same quarter of the previous year, adding that the total volume of trade between the two countries is out of proportion with the economic capabilities and opportunities in both sides.
Meanwhile, the Secretary-General of the Arab-Belgian Chamber of Commerce, Qaisar Hijazin, said that the Belgian-Luxembourg trade mission is the largest and first after the pandemic, as it includes a large number of companies, citing the distinguished relations between the Kingdom and Belgium, which date to more than 100 years.
The Advisor on International Affairs at the Luxembourg Chamber of Commerce, Edith Stein, highlighted the positive changes that the Kingdom is witnessing on all levels, especially the economy, expressing the interest of Luxembourg companies to enter the Saudi market, explore investment opportunities and share their experiences in various sectors, calling on Saudi investors to visit Luxembourg and to be acquainted on the available investment opportunities.
Moreover, Deputy Ambassador of Belgium to the Kingdom Elisa De Raes said the visit of the Belgian trade delegation aims to discuss investment opportunities and commercial partnerships, praising the developments witnessed by the Kingdom in light of Vision 2030 and the huge investment opportunities it provides, which made it a preferred destination for international investments, adding that Belgian companies have the experience, knowledge, and technology necessary to engage in the Kingdom's projects.
The Saudi-Belgian-Luxembourg Business Council, as per the MOU, will be mandated with opening new qualitative areas for economic cooperation, facilitating continuous interaction between business sectors and working to remove challenges and obstacles, as well as exchanging information on available markets and investment opportunities, enabling commercial and investment partnerships, and providing recommendations to the competent authorities in the two countries to improve economic relations, encourage participation in exhibitions and forums, exchange visits and trade delegations.