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KSA , Australia sign an agreement to promote trade and investment

The Kingdom and Australia signed a number of trade agreements during the Saudi-Australian Business Forum.

A number of government agencies and investors from both countries participated in this forum which was organized by the Federation of Saudi Chambers.

The agreements signed between the Federation of Chambers and the Australian Business Forum aim to enhance trade and investment between the Kingdom and Australia.

It also seeks to exchange information about the markets and investment opportunities available in both countries, according to “SPA”, today, Monday.

The Vice President of the Federation of Saudi Chambers, Fayez Al-Shuaili, said during his speech at the forum that agricultural and animal products represent 70% of Australian imports to the Kingdom.

He also stated that the average volume of Saudi-Australian trade exchange during the period 2017-2021 did not exceed 0.4% of the total volume of the Kingdom’s foreign trade.

Mark Donovan the Australian Ambassador to the Kingdom affirmed that the Kingdom’s Vision 2030 represents a strong starting point for economic cooperation between the two countries.

The ambassador acknowledged that Saudi Arabia has the potential to lead in the mining sector.

Ambassador Mark looks forward to expanding cooperation in this sector, as well as in the sectors of agriculture, health, education, and food security.

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