Federation of Saudi Chambers Receives Latvian Trade Delegation

Secretary General of the Federation of Saudi Chambers (FSC) Dr. Khaled Al-Yahya here today received an official trade delegation from Latvia, representing the Chamber of Commerce and Industry and the Arab-Latvian Chamber of Commerce (ALCC) and comprising representatives of several companies and non-government organizations from the sectors of food preparation, agricultural produce, ICT, logistics and laboratory equipment.

Dr. Al-Yahya highlighted the importance of the visit that is envisioned to further enhance commercial and industrial relations and open new channels for joint investments, especially that the investment opportunities are so similar, stressing the significance of exerting efforts to increase the commercial exchange and cooperation in a way that serves the business sector in various fields.

He also noted that Latvia enjoys several commercial features and promising investment opportunities, expressing aspiration to establishing future relations and increasing the exchange of trade delegations between the two countries, in addition to empowering Saudi businesspeople to benefit from available investment opportunities in various fields, including ICT, pharmaceuticals, education, health and environment.

The Secretary General pointed out that the meeting reflects the Federation’s keenness to develop economic and trade ties according to the Kingdom of Saudi Arabia’s strategic plan and Saudi Vision 2030 that aim at boosting the benefits from economic resources, reducing reliance on oil and attracting foreign investments.

In this regard, Dr. Al-Yahya said that the Kingdom of Saudi Arabia implemented several reform and legislative procedures to enhance the role of the private sector in the economic development process, improve the business environment and offer incentives for investors.

He also noted that the visit discussed mechanisms to exchange investment opportunities through private sector institutions in both countries via increasing the number of trade delegations to each country, holding joint exhibitions and exchanging information to better know the available investment opportunities.

For his part, ALCC Chairman and head of the delegation Khaled Elawat described the visit of the Latvian delegation as “positive by all standards”, and resulted in initial agreements and consultations that can play a role in increasing the commercial exchange volume between the two countries, mainly in the agricultural and medical sectors.

Meanwhile, Chairman of the Saudi-British Joint Business Council at FSC Dr. Imad Al-Thukair noted that the delegates offered important investment opportunities, mainly cybersecurity and ICT, explaining that Latvia offers big support and incentives for its being a member of the European Union.