Arab News, Wednesday, Feb 22, 2023 | Sha'ban 02, 1444
Saudi Arabia, Costa Rica sign deals to boost trade ties
Saudi Arabia:
Saudi Arabia and the Republic of Costa Rica on
Tuesday signed two cooperation agreements to increase the volume of trade and
investment between the two countries, the Saudi Press Agency reported.
The deals were signed during a meeting between
prominent members of the Saudi business community and a Costa Rican delegation
led by the country’s Foreign Minister Dr. Arnoldo Andre Tinoco.
The Federation of Saudi Chambers and the Costa
Rican Export Authority signed two agreements to boost economic cooperation and
establish a joint business council to explore and identify investment
opportunities in both countries.
The Costa Rican foreign minister expressed his
country’s desire to strengthen economic ties with Saudi Arabia and described the
establishment of the joint business council as the starting point in that
direction.
He called on the Saudi business community to
explore investment opportunities in Costa Rica and benefit from the incentives
the country offers to foreign investors.
Badr bin Suleiman Al-Ruzaiza, vice president of
the Federation of Saudi Chambers, highlighted the growing economic ties between
the two countries. He noted the volume of trade exchange increased by 59 percent
to reach SR355 million ($95 million) in 2021.
The undersecretary for communication with
investors at the Ministry of Investment, Badr bin Ibrahim Al-Badr, said a Saudi
delegation comprising officials and representatives of the private sector will
visit Costa Rica in near future to explore investment opportunities in different
sectors particularly renewable energy, tourism and agriculture.
During the meeting, both sides gave presentations
on the available investment opportunities in different sectors.
Tinoco also held a meeting with Saudi Minister of
Economy and Planning Faisal Al-Ibrahim during which they discussed ways to
strengthen economic ties. The ministers also reviewed issues of mutual interest.