Arab News, Wed, May 22, 2024 | Dhu al-Qadah 14, 1445
Saudi Arabia and Australia sign deal to boost trade ties
Saudi Arabia:
Trade ties between Saudi Arabia and Australia are set to strengthen after the
two countries signed an agreement to improve cooperation across multiple
sectors.
According to a press statement, the memorandum of
understanding was inked between the Australia Saudi Business Council & Forum and
the Export Council of Australia.
The agreement will focus on cooperation
in industry, mining and food as well as agriculture, technology, and artificial
intelligence.
The deal will increase the opportunities for
Australian exporters to collaborate with Saudi entities, enhancing bilateral
cooperation.
The agreement was signed by the President of the
Australia Saudi Business Council & Forum, Sam Jamsheedi, and Arnold Jorge, CEO
of the Export Council of Australia, during the latter’s visit to the Kingdom
with a delegation.
“Under this strategic partnership, we will seek to
work together closely in identifying initiatives that facilitate connections
between Australia and Saudi Arabia,” said Jamsheedi.
According to the UN Comtrade database, Australia’s
exports to Saudi Arabia stood at $789.65 million in 2023.
On the other hand, the Kingdom’s exports to
Australia amounted to $702.75 million over the same 12-month period.
“We will combine our resources and networks to
boost the success of collaborations and partnerships between relevant
organizations and individuals of our two countries,” said Jorge.
The Australia Saudi Business Council was formed in
2013 to facilitate the promotion of ongoing and bilateral trade between the two
nations.
In November, Saudi-based Abdel Hadi Al-Qahtani and
Sons Co. and Australia’s SSS Group signed a $27 million deal to collaborate in
the production of scaffolding systems in Saudi Arabia using local resources.
After the deal was signed, Australian Ambassador
Mark Donovan told Arab News at the time that the cooperation agreement builds on
the existing investment ties between both countries in various sectors,
including education, health care, aviation, and services.
“A new and transformed Saudi Arabia is looking for
business relationships around the world, and that’s what we’re very pleased to
be a part of,” said Donovan at that time.
In March, Australia’s University of Wollongong
procured licenses to open its branches in the Kingdom.