Arab News,
Tue, Nov 19, 2024 | Jumada al-Awwal 17, 1446
More than 70 Saudi firms travel to Poland, Slovakia to boost trade ties
Saudi Arabia:
Representatives from 72 Saudi firms are part of a
group visiting Poland and Slovakia in a bid to increase trade with the European
countries.
Delegates from Federation of Saudi Chambers are
also part of the trip, which will see high-level economic meetings involving
senior government officials and private sector representatives. Their objective
is to explore investment opportunities and sign several agreements and
commercial partnerships.
The delegation, led by Chairman of the Federation
of Saudi Chambers Hassan bin Mujib Al-Huwaizi, includes over 72 business
representatives from various economic sectors, along with governmental entities
and authorities, according to the Saudi Press Agency.
In August, the Kingdom and Poland established a
joint business council for the 2024-2028 term to boost trade and investment
between the two countries. The move is part of the nation’s broader strategy to
deepen economic ties with Europe, with a particular focus on Poland, one of the
continent’s largest economies.
Poland has seen impressive growth in its agri-food
sector, with exports reaching a record €47.9 billion ($51.1 billion) in 2023 — a
€10 billion increase from the previous year.
In 2023, Saudi Arabia’s trade exchange with Poland
reached SR33.7 billion. The Kingdom’s primary exports to Poland include mineral
products and plastics, while Poland’s main exports to the Arab country consist
of tobacco, machinery, and mechanical appliances.
The relationship between Saudi Arabia and Slovakia
has also witnessed growth following the official opening of the Slovak Embassy
in Riyadh in recent years. Additionally, bilateral trade has increased
significantly, highlighting untapped investment opportunities.
The delegation will begin its visit to Poland by
holding the Saudi-Polish Business Council meeting, a joint forum, and bilateral
meetings between representatives.
In Slovakia, the delegation will host the
Saudi-Slovak Business Forum, conduct meetings between companies from both sides
and sign an agreement to establish a joint business council.
Through its recent series of international visits
to ten countries, the federation is leading efforts to open new markets and
opportunities for the Kingdom’s backers and to boost trade and investment
exchanges with countries worldwide, in alignment with the aspirations of Saudi
Vision 2030.