Fedaration of Saudi Chambers and the Federation of Greek Companies recently signed a memorandum of understanding (MoU) to establish a Saudi-Greek Business Council, in efforts to enhance bilateral trade between the Kingdom and Greece and increase the volume of trade and investment cooperation.
The signing ceremony took place in the presence of Eng. Khalid bin Abdulaziz Al-Falih; His Excellency the Minister of Investment, and a number of ministers, officials and business owners from the two countries, within the framework of his official visit to Greece to discuss areas of investment cooperation with his Greek counterparts.
The aforementioned MoU was signed by Ajlan bin Abdulaziz Al-Ajlan; President of the Federation of Saudi Chambers of Commerce, and Euthymios Vidalis; Chairman of the Executive Committee of the Federation of Greek Companies.
Al-Ajlan explained that the signing of the memorandum of understanding to establish a joint business council between the Kingdom and Greece came as a result of continuous efforts and joint work, and with a Saudi-Greek desire to raise the volume of trade and investment exchanges between the two countries.
Al-Ajlan explained that the council will systematically carry out many commercial and promotional activities in the field of trade, investment, agricultural industries, education, training, services, information technology, and other sectors targeted in the economic cooperation agenda.
The council will also provide a platform for Saudi and Greek businessmen to introduce and promote their commercial activities and establish business partnerships.
The Saudi-Greek Business Council will be concerned with opening new qualitative areas for economic cooperation, facilitating continuous interaction between the business and Greek sectors, removing challenges and obstacles, exchanging information on available markets and investment opportunities, enabling commercial and investment partnerships.
The signed MoU stipulates that the joint business council will consist of representatives of Saudi and Greek business owners interested in investment and trade.
The Saudi-Greek Business Council will hold periodic meetings in Riyadh and Athens to discuss opportunities for trade and investment cooperation between the two countries.
It is worth noting that the volume of trade exchange between the Kingdom and Greece amounted to SAR 7.1 billion, while the Kingdom’s Vision 2030, the environment and the investment incentives provided by the Kingdom, constitute promising investment opportunities for Greek business owners in many economic sectors.
The establishment of a Saudi-Greek Business Council also provides a valuable opportunity for Greek companies to deal with the Saudi market, which is one of the fastest growing commercial markets in the world.