Saudi Arabia and Spain have boosted their economic cooperation by signing a new agreement to enhance bilateral relations, according to the Saudi Press Agency (SPA).
On Wednesday, the Saudi Ministry of Economy and Planning and the Spanish Ministry of Economy, Trade and Business signed a memorandum of understanding (MoU) to foster expertise exchange and economic relations between Saudi Arabia and Spain.
On the sidelines of the fourth session of the Saudi-Spanish Joint Commission, held in Riyadh, the Saudi Minister of Economy and Planning, Faisal Alibrahim, and the Spanish Minister of Economy, Trade, and Business, Carlos Cuerpo Caballero, represented the two countries during the signing ceremony.
The MoU focuses on coordinating efforts in the fields of economic modeling and policymaking, supporting small and medium enterprises (SMEs) through partnerships and joint programs, and streamlining joint projects and bilateral participation in economic events.
It also aims to exchange information and statistics related to industry, technology and innovation to achieve sustainable development goals and the objectives of Saudi Vision 2030.
The fourth session of the Saudi-Spanish Joint Commission discussed the current and upcoming initiatives, focusing on strengthening economic, social and cultural relations between Saudi Arabia and Spain and expanding bilateral cooperation across various sectors.
The Saudi-Spanish Joint Commission aims to bolster a prosperous future partnership, rooted in mutual economic interests, in addition to boosting trade and investment ties between both countries.
