Arab News, Saturday, Sep 25, 2021 | Safar 18, 1443
Saudi Arabia, Greece agree to establish business council
Saudi Arabia:
The Council of Saudi Chambers has signed a memorandum of understanding (MoU) to
establish a Saudi-Greek Business Council to enhance bilateral trade and
investment between the two countries, SPA reported.
The body will aim to
open new areas for economic cooperation, facilitate continuous interaction
between the Saudi and Greek business sectors, and remove obstacles to doing
business.
The new council will
also exchange information on available markets and investment opportunities,
enable commercial and investment partnerships, and provide recommendations to
the relevant authorities in the two countries to improve economic relations.
The agreement
stipulates that the joint business council will consist of representatives of
Saudi and Greek business owners interested in investment and trade, and the
council will hold periodic meetings in Riyadh and Athens to discuss
opportunities for trade and investment cooperation between the two countries.
Greek exports to
Saudi Arabia slumped to $339 million in 2020 from more than $800 million in
2019, according to the United Nations Comtrade database. Of that, $202.5 million
was fuel and distillates and $18.6 million was vegetable, fruit and nut
preparations.
Saudi Arabia exported
$184.2 million of goods to Greece in 2019, $111.9 million of which was plastics,
followed by $47.5 million of copper.