Beth: The Mauritanian Minister of Trade, Industry, Handicraft and Tourism, Naha bint Hamdi Ould Meknes, revealed fundamental reforms introduced by the Mauritanian "government" in a move aimed at a productive, diversified Mauritanian economy that is integrated into the global economic cycle.

She said: "A higher investment council has been established headed by His Excellency President Mohamed Ould Cheikh El-Ghazwany, and legislative reforms have been introduced to investment systems and procedures and access to financing, which will allow the private sector to play its pivotal role as a competitive sector and an engine of the economy."

This came during a speech she gave at the "Saudi-Mauritanian Business Forum", which was hosted by the Federation of Saudi Chambers of Commerce "Al-Youm" on Sunday, in the presence of His Excellency the Governor of the General Authority for Foreign Trade, Mr. Abdul Rahman Al-Harbi, the First Vice-President of the Federation of Saudi Chambers, Eng. The commissioner, Mr. Hussain Al-Abdulqader, and his elite business owners.

Minister Meknes pointed out that Mauritania has the ingredients and guarantees, which give rise to realistic hope and legitimate ambition to raise the economic relationship and joint trade exchange between the two countries, to the level of political will and the long-standing relations between Mauritania and the Kingdom.

On his part, His Excellency the Governor of the General Authority for Foreign Trade, Mr. Abdul Rahman Al-Harbi, expressed his aspiration for the forum’s contribution to the development of economic and trade relations in order to achieve the aspirations of the leadership and business owners in the two countries.

Al-Harbi added: "Through Vision 2030, the Kingdom seeks to strengthen economic relations with friendly and brotherly countries, including Mauritania, and the meeting constitutes an opportunity to expand the horizons of economic cooperation, and to explore available investment and trade opportunities."

He continued, "The volume of trade exchange has evolved from $19 million in 2016 to about $27 million in 2020.

Al-Harbi called for more concerted efforts of the public and private sectors to work to increase the volume of trade exchange, and work to create economic partnerships in areas such as mining, agriculture, livestock, fisheries, industry and infrastructure.

For his part, the First Vice President of the Federation of Saudi Chambers of Commerce, Eng. Tariq Al-Haidari, referred to the depth of the relationship between the Kingdom and Mauritania, noting the historic visit of Crown Prince Mohammed bin Salman to Mauritania, which reflects the strength, depth and diversity of these relations and the will of the two countries to develop them. And its development in a way that serves the peoples of the two countries and meets their aspirations, indicating that the Kingdom has accompanied the development renaissance that Mauritania witnessed in various fields with support and assistance, through the flow of Saudi investments to Mauritania and the signing of a number of agreements in various fields and fields by the two countries.

Al-Haidari looked forward to exploring the promising investment and commercial opportunities in the two countries, overcoming all obstacles facing Saudi business owners in Mauritania, activating commercial courts and investment legislation in Mauritania, reducing taxes imposed on investment, providing banking facilities, transferring hard currencies outside Mauritania, and accelerating In establishing the free zone in Nouadhibou, which enjoys a stimulating tax and customs system, and continuing the constructive dialogue aimed at achieving the interests of both brotherly countries.

While the head of the Mauritanian Federation of Employers, Mohamed Zine El Abidine, stressed that Vision 2030 opens wide horizons for the private sector in both countries to encourage partnerships and stimulate economic advancement, pointing out that Mauritania is witnessing a new stimulating context for investment in light of promising investment opportunities and great economic potential, and has become a magnet for companies and investments. In the fields of energy, minerals, agriculture, fishing and industry, Saudi investors can benefit from the advantages of easy bank credits and a law that guarantees their rights and customs and tax exemptions

In addition, the Mauritanian side presented many investment opportunities in the fishing sector and the marine economy in Mauritania, which enjoys all the preferential advantages necessary for investors, including the strategic location on the outskirts of the most important global consumer markets, the appropriate infrastructure, stimulating laws, and the long experience in exporting fish products to 63 countries around the world. The world, as well as introducing the elements of the investment environment and the incentives offered to foreign investors.