Kingdom, Australia sign agreement to promote trade and investment

RIYADH — Saudi Arabia and Australia signed several trade agreements Monday during the Saudi-Australian Business Forum, which was organized by the Federation of Saudi Chambers with the participation of several government agencies and investors from both sides.

The agreements, which were signed between the Federation of Chambers and the Australian Business Forum, aim to enhance trade and investment between the two countries and exchange information on markets and available investment opportunities.

Vice President of the Federation of Saudi Chambers Fayez Al-Shuaili said that agricultural and animal products represent 70% of Australian imports to the Kingdom and that the average volume of Saudi-Australian trade exchange between 2017-2021 did not exceed 0.4% of the total volume of the Kingdom’s foreign trade.

Australian Ambassador Mark Donovan reiterated that the Kingdom’s Vision 2030 represents a strong starting point for economic cooperation between the two countries and that Saudi Arabia has great capabilities for global leadership in the mining sector and is looking forward to greater cooperation in this sector, as well as the agriculture, health, education, and food security sectors. — SPA

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