Saudi Arabia, Canada renew economic ties after 5-year hiatus

The Federation of Saudi Chambers has officially announced the revival of economic cooperation between Saudi Arabia and Canada, marking the end of a five-year hiatus.

The decision to resume commercial activities and events follows the suspension of the Joint Business Council, missions, and trade delegations by the federation during the aforementioned period.

Hassan Al-Huwaizi, the President of the Federation, emphasized the positive trajectory in relations between the Kingdom and Canada. He revealed that the federation has taken a proactive step by signing a memorandum of understanding to establish the Saudi-Canadian Business Council and initiate its operations. Al-Huwaizi’s statement highlighted the commitment to fostering enhanced economic ties between the two nations.

The rekindling of economic relations was underscored by a meeting between Al-Huwaizi, the Canadian Ambassador to Saudi Arabia Jean-Philippe Lento, and Chairman of the Canadian-Saudi Business Council Jeffrey Steiner in Riyadh on Thursday. The discussions centered around strategies to bolster economic relations, increase the volume of trade, and encourage investment exchanges between Saudi Arabia and Canada.

The newly established Saudi-Canadian Business Council is poised to serve as a pivotal platform for businessmen from both nations. Its objectives include promoting business activities, forging commercial partnerships, exploring new areas of economic cooperation, and facilitating ongoing interaction between the business sectors of Saudi Arabia and Canada. The council aims to facilitate the exchange of information about opportunities and markets, organize exhibitions and conferences, as well as coordinate visits by commercial delegations.

The announcement comes on the heels of a notable growth in trade exchange between the Kingdom and Canada, reaching SR16 billion with an 8.3 percent increase in 2022. Al-Huwaizi expressed optimism that the memorandum would lay a solid foundation for reinforcing trade and investment relations between the two countries. The Saudi-Canadian Business Council is anticipated to play a pivotal role in leveraging the substantial opportunities within the Saudi and Canadian economies for the mutual benefit of their business sectors.