Saudi Arabia's Delegation Concludes Participation In The 40th COMCEC Session In Turkiye

The Kingdom of Saudi Arabia's delegation, led by Minister of Commerce Majid Al-Kassabi, recently concluded its participation in the 40th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC). Held from November 4-5, 2024, in Istanbul, Turkiye, this session focused on enhancing intra-OIC trade and cooperation in various sectors.

Key discussions during the session revolved around improving productivity in agriculture, alleviating poverty, advancing digital transformation, and fostering private sector development. Updates on the OIC Trade Preferences System (TPS-OIC) were also shared. These topics are crucial for promoting sustainable tourism and financial and transport cooperation among member countries.

Majid Al-Kassabi highlighted the significance of strengthening joint efforts to boost economic integration among OIC members. Saudi Arabia's involvement underscores its dedication to enhancing intra-trade and supporting the OIC’s trade preference system. This initiative is vital for facilitating trade opportunities and establishing comprehensive partnerships among member nations.

On the sidelines of the meeting, Al-Kassabi engaged in discussions with several key officials. These included Turkish Trade Minister Dr. Omer Bolat, Qatari Trade Minister Sheikh Mohammed bin Hamad Al Thani, Egyptian Investment and Foreign Trade Minister Hassan El Khatib, and Iraqi Trade Minister Athir Al-Ghariri. These talks aimed at reinforcing bilateral relations and exploring avenues for collaboration.

The Saudi-Turkish Business Council Forum was another significant event attended by Al-Kassabi. This forum gathered over 277 companies from both countries, serving as a platform to strengthen trade relations. It provided an opportunity to explore diverse investment opportunities and forge strategic partnerships across key sectors.

Saudi Ambassador to Turkiye Fahad Abualnasr and Acting Governor of the General Authority of Foreign Trade Mohammad Abdul Jabbar accompanied Al-Kassabi during these engagements. Their presence emphasized Saudi Arabia's commitment to fostering robust economic ties with other OIC member states.

The focus on enhancing intra-OIC trade aligns with Saudi Arabia's broader goals of economic diversification and regional cooperation. By participating actively in such forums, Saudi Arabia aims to contribute significantly to regional economic growth and stability.

This year's COMCEC session has laid a strong foundation for future collaborations among OIC members. The emphasis on sustainable development and economic integration is expected to yield long-term benefits for all participating countries.

With inputs from SPA