Saudi-Norway Business Forum Organised By NCC Highlights Economic Cooperation And Growth Opportunities

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, positioning it as the largest economy in the Middle East and 17th worldwide.

The Saudi-Norway Business Forum in Oslo, organised by the National Competitiveness Center (NCC), was attended by over 130 leaders from both nations. Al-Kassabi highlighted shared attributes between Saudi Arabia and Norway, such as rich natural resources and robust communities aiming for economic prosperity. He noted that Norwegian firms are already active in Saudi Arabia, with both countries eager to enhance cooperation in various sectors.

Al-Kassabi pointed out that bilateral trade between Saudi Arabia and Norway surged by 360% from 2020 to 2024, reaching $828 million. This growth reflects the strengthening economic ties between the two nations. The forum included a Saudi trade delegation of 30 leaders from public and private sectors, underscoring the commitment to expanding partnerships.

Eman Al-Mutairi, Vice Minister of Commerce and NCC CEO, emphasised reforms aimed at boosting competitiveness in Saudi Arabia. She mentioned that over 1,200 regulations and bylaws have been updated or introduced. These changes have made the Kingdom an attractive destination for businesses and entrepreneurs globally.

Svein Tore Holsether, President of the Confederation of Norwegian Enterprise, acknowledged Saudi Arabia's transformation under Vision 2030. He noted this has encouraged numerous Norwegian companies to seek partnerships with Saudi counterparts. Over 100 Norwegian firms visited Saudi Arabia last year alone, indicating growing interest in collaboration.

The forum also explored potential areas for cooperation such as logistics, shipping, fisheries, advanced manufacturing, tourism, digitalisation, healthcare, education, and creative industries. Both countries are keen on leveraging these opportunities to further strengthen their economic relationship.

This strategic engagement between Saudi Arabia and Norway highlights a mutual desire to build on existing ties while exploring new avenues for collaboration across diverse sectors.

With inputs from SPA