Saudi Arabia and Rwanda have taken a new step towards bolstering bilateral economic cooperation by establishing a joint business council.
On Thursday, the Federation of Saudi Chambers (FSC) and the Rwanda Private Sector Federation (PSF) signed an agreement to establish a Saudi-Rwandan Business Council to advance economic cooperation between both countries, reported the Saudi Press Agency (SPA).
This move came during the Saudi-Rwandan Business Forum, held in Rwanda’s capital, Kigali, with the participation of a high-level delegation from the FSC, led by Chairman Hassan bin Moejeb Al-Huwaizi, and 60 Saudi and Rwandan officials and investors.
The Saudi-Rwandan Business Forum explored investment opportunities in Rwanda, with a special focus on the promising sectors such as tourism, mining and construction. It also discussed ways to increase trade and investment exchanges and the steps following the creation of the joint business council.
MOU signed by Saudi FSC and Rwandan Private Sector Federation to establish a joint Saudi-Rwandan Business Council to promote the path of economic cooperation between Saudi Arabia and Rwanda#FSC#FSC_Delegation_to_Rwanda pic.twitter.com/zPtNWpZprv
— اتحاد الغرف السعودية (@CSC_SA) February 13, 2025
Moreover, Saudi-Rwandan Business Forum discussed the arrangements for a Rwandan business delegation’s visit to Saudi Arabia to explore opportunities and forge partnerships with Saudi investors.
Furthermore, the FSC met with 4 Rwandan ministers, including the Minister of Finance and Economic Planning; the Minister of Agriculture and Animal Resources; the Minister of Trade and Industry; and the Minister of Education.
The meeting took place at the Rwanda Development Board (RDB), a government institution mandated to accelerate Rwanda’s economic development by enabling private sector growth.
The meeting introduced to the available investment opportunities in Rwanda, in the sectors of agriculture crops, smart cities, real estate developments, as well as investment opportunities in Kigali Green City, valued at $150mn.
Trade between Saudi Arabia and Rwanda is limited, which is a strong indicator of untapped investment opportunities that such visits help to explore with the aim of enhancing bilateral trade and investment.
