Saudi-Georgian Business Forum Facilitates Key Trade Agreements And Investment Opportunities

The Saudi-Georgian Business Forum, held in Tbilisi and organised by the Federation of Saudi Chambers (FSC), saw the signing of several key trade agreements. Over 200 companies from Saudi Arabia and Georgia participated. Notable attendees included FSC President Hassan bin Moejeb Al-Huwaizi, Chairman of the Saudi Business Council Ahmed Al-Dakhil, and Saudi Ambassador to Georgia Salman Al-Sheikh.

Al-Huwaizi emphasised the need for a strategic vision to enhance investment and trade partnerships between Saudi Arabia and Georgia. He highlighted the importance of leveraging available incentives and opportunities in both nations. Additionally, he urged addressing factors contributing to the low volume of trade exchange.

The forum spotlighted promising investment opportunities in sectors such as transportation, logistics services, agriculture, tourism investment, real estate, infrastructure, and renewable energy. These sectors present significant potential for collaboration between the two countries.

Ahmed Al-Dakhil called for overcoming obstacles that hinder the growth of trade and investment relations. He stressed that removing these challenges would lead to increased bilateral trade and joint investments, benefiting both nations economically.

The Saudi-Georgian Joint Business Council convened during the forum to discuss strategies for strengthening economic ties. The council played a crucial role in formulating plans and initiatives aimed at enhancing cooperation between Saudi Arabia and Georgia.

In 2023, trade exchange between the Kingdom and Georgia reached approximately SAR162 million. Of this amount, 31% was attributed to Saudi exports while Georgian imports accounted for 69%. This visit aims to elevate trade exchange to levels that align with both countries' aspirations.

The forum's discussions underscored the mutual desire to advance economic relations further. By fostering collaboration in key sectors, both nations hope to achieve substantial growth in their bilateral trade activities.

With inputs from SPA