Saudi Arabia, Sweden to develop joint economic action plan for 2023

Riyadh, The Gulf Observer: Saudi Arabia is in talks with Sweden to develop a joint economic action plan for 2023 to bolster trade and investment relations between the two countries.

The discussions took place between Hussein Al-Abdulkader, the secretary-general of the Federation of Saudi Chambers and Petra Menander, the Swedish ambassador to the Kingdom, Al Ekhbariya reported.

The pair discussed the prospects for trade and investment relations, advancing the path of cooperation between the business sectors in both countries and the opportunities available for Swedish firms in the largest Arab market in the region.

The new economic action plan includes holding Saudi-Swedish Joint Business Council meetings and organizing specialized trade delegations’ visits.

Additionally, the plan also entails promoting business opportunities and partnerships in small and medium enterprises, entrepreneurship, innovation, health, renewable energy and technology.

Moreover, the plan will shed light on the available investment opportunities in both countries.

This bilateral talk comes as Saudi Arabia’s imports from Sweden reached SR5.45 billion ($1.45 billion) in 2021, according to the UN Comtrade database on international trade. The Kingdom’s exports to Sweden stood at SR416 million during the same year.

Last year, investment opportunities in Saudi Arabia and Sweden were in the spotlight during a two-day Saudi-Sweden event at Expo 2020 Dubai.

A series of panel discussions explored how to boost mutual trade relations between the two nations.

“Saudi Arabia welcomes and invites Swedish companies to invest in our country and to take advantage of the opportunities and initiatives of the Kingdom’s Vision 2030, especially in sustainability, smart cities, manufacturing industries and areas such as e-commerce and information technology,” said Hussain Hanbazazah, commissioner general of the Kingdom of Saudi Arabia pavilion during his opening remarks at the Expo event.

Similarly, in 2022, the Kingdom and Finland agreed to form a new bilateral organization to boost the SR1.9 billion trading relationship between the two countries.

Representatives from the Federation of Saudi Chambers and the Finnish Chamber of Commerce signed a memorandum of understanding in Helsinki to establish a joint Saudi-Finnish Business Council.

The new body was set to focus on developing new areas of economic cooperation and promoting links between the Saudi and Finnish business sectors, according to the Saudi Press Agency.

The Federation also signed an MoU with the governmental organization “Business Finland,” which will focus on financing and promoting trade and investment between the two countries — particularly in the sectors of technology, digitalization, energy, circular economy, mining, transport and logistics services, healthcare and water.