Saudi raises number of Business Councils to boost foreign trade

By Arya M Nair, Official Reporter
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Saudi foreign business council meeting
Rep.Image | Courtesy: SPA

The Federation of Saudi Chambers (FSC) has undertaken a significant expansion of its foreign business councils, in a move to enhance global trade relations and support the Kingdom’s Vision 2030.

The expansion sees the number of councils rise to 70, covering 124 countries. Announced by FSC President, Mr. Hassan Al-Huwaizi, this initiative demonstrates Saudi Arabia’s commitment to strengthening its international trade and investment connections.

The announcement came during a key meeting with the heads of Saudi Foreign Business councils at the organization’s headquarters. Mr. Al-Huwaizi emphasized that this is a crucial part of a comprehensive development project aimed at maximizing the councils’ role in achieving the objectives of Vision 2030. This ambitious initiative aims to diversify the Saudi economy and enhance its global trade footprint, marking a pivotal step in the Kingdom’s broader economic strategy.

The expanded network of business councils is set to play a vital role in establishing effective trade and investment partnerships, as well as bolstering private sector’s contribution to foreign trade, thereby opening new avenues for international cooperation. The initiative aligns perfectly with Saudi Arabia’s long-term economic aspirations, setting the stage for a more diversified and globally integrated economy.

Mr. Al-Huwaizi highlighted that this latest move will not only strengthen trade and investment relations with over 124 countries but also contribute significantly to the private sector’s role in the global marketplace. This effort includes holding quarterly business council meetings, attracting major firms and investors, and enhancing the representation of women, entrepreneurs, and small and medium enterprises in these councils.

Additionally, the project entails providing these councils with enhanced funding sources, technical, logistical, informational, and human support. This support is crucial for developing effective strategies that align with the economic goals of each country involved.

During the meeting, the heads of the business councils discussed the importance of coordination with relevant authorities, aiming to bolster their position as representatives of the Saudi private sector abroad. They also focused on activating membership, maximizing government investment agreements, and overcoming challenges in coordination with their counterparts, highlighting each country’s comparative advantages.

Founded in 1980, the Federation of Saudi Chambers serves as the legitimate umbrella representative of the diverse Saudi business community. Its mission is to represent and observe the common interests of these entities both locally and internationally, fostering their contribution to the national economic development process. This expansion of foreign business councils marks a significant stride in fulfilling this mission and enhancing Saudi Arabia’s role on the global economic stage.

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