Saudi-Spanish Business Forum Set to Commence
Tomorrow marks the inauguration of the Saudi-Spanish Business Forum, a significant event organized by the Saudi Chambers Federation in collaboration with the Ministry of Economy and Planning and the Ministry of Investment. This esteemed gathering will see participation from prominent figures, including His Excellency Minister of Economy and Planning, Faisal bin Fadhil Ibrahim, and Spain’s Minister of Economy, Trade, and Business, Carlos Cuervo.
Taking place in the vibrant city of Riyadh, the forum coincides with the activities of the Saudi-Spanish Joint Committee. More than 300 companies from both Saudi Arabia and Spain will actively participate, representing a diverse array of economic and investment sectors. Additionally, government and private sector representatives from both nations will be in attendance, fostering an environment conducive to collaboration and growth.
The primary objective of this forum is to bolster the involvement of the private sector while nurturing new partnerships and showcasing investment opportunities. The focus will be on several strategic sectors, including logistics, construction, food, sports, and tourism. To facilitate this, specialized sessions and workshops will be held, highlighting the investment landscape and opportunities within both countries. These sessions will address critical economic sectors, discussing incentives and support measures available to investors on both sides.
It is noteworthy that the volume of trade between Saudi Arabia and Spain is expected to reach around 22.9 billion riyals by the end of 2024. This figure includes Saudi exports valued at approximately 12.4 billion riyals, while imports from Spain are projected at 10.5 billion riyals.
The forum not only serves as a platform for exchanging ideas and exploring collaborative ventures but also aims to enhance bilateral trade relationships and unlock new avenues of economic growth. By bringing together leading business minds and decision-makers, the event is poised to lay the groundwork for ongoing dialogues, future partnerships, and increased trade exchange between the two nations.
Overall, the Saudi-Spanish Business Forum represents a robust initiative to strengthen ties between two economically significant countries, unlocking mutual benefits and fostering a spirit of enterprise and innovation. The engagement of both private sectors will be pivotal in leveraging the unique strengths each country brings to the table, ultimately contributing to sustained economic development and prosperity for both Saudi Arabia and Spain.
