Saudi-Norway Business Forum Showcases Economic Ties And Opportunities For Growth

Saudi Vision 2030, initiated by Crown Prince Mohammed bin Salman, has significantly reshaped Saudi Arabia's economy. Minister of Commerce Majid Al-Kassabi stated that over 900 legislative and regulatory changes have been made to foster a competitive economic environment. These efforts have propelled the Kingdom's GDP beyond $1.3 trillion, establishing it as the largest economy in the Middle East and ranking 17th globally.

Al-Kassabi shared these insights at the Saudi-Norway Business Forum in Oslo, which was part of a trade delegation visit involving 30 leaders from both public and private sectors. He pointed out that Saudi Arabia and Norway share similarities such as rich natural resources and strong communities aiming for economic prosperity. The forum attracted more than 130 leaders from both countries' government and private sectors.

The Minister highlighted that Norwegian companies are already active in Saudi Arabia, with both nations eager to enhance cooperation in areas like logistics, shipping, fisheries, advanced manufacturing, tourism, digitalization, healthcare, education, and creative industries. Bilateral trade between Saudi Arabia and Norway saw a remarkable increase of 360% from 2020 to 2024, reaching $828 million.

Eman Al-Mutairi, Vice Minister of Commerce and CEO of the National Competitiveness Center (NCC), emphasized the significant reforms undertaken to boost the Kingdom’s competitiveness. She mentioned that over 1,200 regulations and bylaws have been issued or updated. These changes have positioned Saudi Arabia as a prime destination for businesses and entrepreneurs worldwide.

Svein Tore Holsether, President of the Confederation of Norwegian Enterprise, acknowledged Saudi Arabia's impressive transformation under Vision 2030. He noted that this initiative has encouraged numerous Norwegian companies to seek partnerships with Saudi counterparts. In fact, more than 100 Norwegian companies visited Saudi Arabia over the past year.

The forum underscored the shared ambitions of both nations to build prosperous economies through collaboration in various sectors. The discussions highlighted potential opportunities for growth and development in key industries.

With inputs from SPA