Riyadh- Beth- 10 Shaaban 1443 AH corresponding to March 13, 2022:

The Saudi-Belgian-Luxembourgian economic relations received a strong impetus with the announcement by the Federation of Saudi Chambers of Commerce and the Arab-Belgian-Luxembourg Chamber of Commerce that they signed “on Sunday” a memorandum of understanding to establish the Saudi-Belgian-Luxembourgian Business Council. Trade and investment cooperation between the Kingdom and Belgium and Luxembourg.

The Council will carry out many commercial and promotional activities systematically in the field of trade, investment and technology transfer, focusing on the targeted sectors. It will also provide a platform for Saudi, Belgian and Luxembourgish businessmen to introduce and promote their activities and establish commercial partnerships.

This came during the activities of the Saudi-Belgian-Luxembourgian Business Forum, where the memorandum of understanding was signed by the Secretary-General of the Federation of Saudi Chambers of Commerce, Mr. Hussein bin Abdul-Qader Al-Abdul-Qader, and the Secretary-General of the Arab-Belgian Chamber of Commerce, Caesar Hijazin.

During his speech at the forum, the First Vice-President of the Federation of Saudi Chambers of Commerce, Eng. Tariq bin Muhammad Al-Haidari, stressed the importance of the meeting, as it provides a great opportunity to increase economic growth in both countries, especially after recovering from the COVID-19 pandemic, which greatly affected the decrease in the volume of intra-regional trade in 2020 AD to about 17 billion riyals, compared to 27 billion riyals in 2019.

Al-Haidari pointed out that the volume of trade exchange during the fourth quarter of 2021 increased by 54% to reach 6.6 billion riyals compared to the same quarter of the previous year, noting that the total volume of trade between the two countries is not commensurate with the economic capabilities and opportunities that both countries enjoy.

He noted, "The strength of the Saudi economy and its strength in facing the consequences of the Corona pandemic, as it achieved great successes with the support of the rational leadership and the cooperation of all relevant parties, supported by the Kingdom's Vision 2030 and its objectives. Therefore, the real GDP for the year 2021 achieved a growth rate of 3.3% compared to the decrease in 2020, which amounted to - 4.1% This GDP increase resulted in the economy recovering from the COVID-19 crisis with the growth of non-oil activities by 6.6%, government services activities increasing by 1.5% and the growth of oil activities by 0.2%.

For his part, the Secretary-General of the Arab-Belgian Chamber of Commerce, Caesar Hijazin, said that the Belgian-Luxembourgian trade mission is the largest and first after the pandemic, as it includes a large number of companies, pointing to the distinguished relations between the Kingdom and Belgium, which extend for more than 100 years, adding that the Saudi economy is of great importance. As the largest economy in the Middle East and its position within the G-20 countries, which provides Belgian and Luxembourgish investors with great investment and export opportunities within the 2030 vision projects.

In turn, Adviser on International Affairs at the Luxembourg Chamber of Commerce, Edith Stein, noted the positive changes that the Kingdom is witnessing at all levels, especially the economy, expressing the interest of Luxembourgian companies to enter the Saudi market, explore investment opportunities and share their experiences in various sectors, expecting this forum to pave the way for future cooperation. And building new partnerships, reviewing the fundamentals of the economy in her country, inviting Saudi investors to visit Luxembourg and see investment opportunities on the ground.

In addition, Deputy Ambassador of Belgium to the Kingdom Elisa de Rais said that the visit of the Belgian trade delegation aims to discuss investment opportunities and commercial partnerships, praising the developments witnessed by the Kingdom in light of Vision 2030 and the huge investment opportunities it provides, which made it a preferred destination for international investments, adding that Belgian companies have Experience, knowledge and technology necessary to enter into projects in the Kingdom.

The forum witnessed the participation of about 90 Belgian and Luxembourgish companies in 6 main sectors: health care, environment and energy, entertainment, agriculture and food, transportation and logistics, contracting and construction. Regional headquarters of global companies, and opportunities in Riyadh's sustainability strategy

It is noteworthy that the Saudi-Belgian-Luxembourgian Business Council will be concerned, according to the terms of the memorandum, with opening new qualitative areas for economic cooperation, facilitating continuous interaction between business sectors and working to remove challenges and obstacles, as well as exchanging information on available markets and investment opportunities, enabling commercial and investment partnerships, and providing recommendations to the competent authorities in The two countries to improve economic relations, encourage participation in exhibitions and forums, exchange visits and trade delegations.