Saudi Gazette report

RIYADH — The Federation of Saudi Chambers announced the reopening of economic cooperation and the resumption of commercial activities and events between the business sectors of Saudi Arabia and Canada. This was after a hiatus of five years when the federation suspended the activity of the Joint Business Council, missions and trade delegations.

Hassan Al-Huwaizi, president of the federation, said in a statement that the federation signed a memorandum of understanding to establish the Saudi-Canadian Business Council and activate its work, in a positive step that coincides with the opening of the horizon of relations between the Kingdom and Canada.

Al-Huwaizi met with the Canadian Ambassador to Saudi Arabia Jean-Philippe Lento and Chairman of the Canadian-Saudi Business Council Jeffrey Steiner in Riyadh on Thursday. They discussed with them ways to support economic relations and increase the volume of trade and investment exchange between the two countries.

The Saudi-Canadian Business Council will provide a platform for Saudi and Canadian businessmen to introduce and promote their activities and establish commercial partnerships, as well as opening new qualitative areas of economic cooperation and facilitating continuous interaction between the business sectors of the two countries, exchanging information about opportunities and markets, organizing exhibitions and conferences, and visits by commercial delegations.

The volume of trade exchange between the Kingdom and Canada reached SR16 billion, achieving growth of 8.3 percent in 2022. He added that the memorandum will constitute a good start for supporting trade and investment relations between the two countries through its various activities in order to achieve the interests of the business sectors and benefit from the enormous opportunities available in the Saudi and Canadian economies.