RIYADH: The Federation of Saudi Chambers and Senegal’s National Union of Chambers of Commerce, Industry and Agriculture signed a cooperation agreement to establish a joint Saudi-Senegalese Business Council as part of endeavors to enhance trade movement between Saudi Arabia and Senegal as well as increase the commercial and investment cooperation volume between the two countries.

The signing ceremony was held in Dakar in the presence of Saudi Minister of Investment Khalid Al-Falih and Minister of Foreign Affairs and Senegalese Abroad Aissata Tall Sall. The agreement was signed by FSC Vice Chairman Nizar Al-Harkan and President of Senegal’s National Union of Chambers of Commerce, Industry and Agriculture Serigne Mboup.

Al-Harkan said that the agreement was a result of ongoing efforts, joint action and Saudi-Senegalese will to increase the volume of commercial and investment exchange between the two countries.

He added that the council will be tasked with several commercial and promotional activities in the fields of commerce, investment, services, industries, training, healthcare and IT, among other industries that are targeted as part of the economic cooperation agenda. The council will provide a platform for Saudi and Senegalese businesspeople to promote their activities and enter into commercial partnerships.

The council will also seek to open up new areas for economic cooperation, facilitate ongoing interaction between the Saudi and Senegalese business sectors, work to remove challenges and constraints, exchange information on markets and investment opportunities, enable business and investment partnerships, refer recommendations to competent authorities in the two countries to improve economic relations, as well as encourage participation in exhibitions, forums, exchange visits and trade delegations.

The business council will consist of Saudi and Senegalese business representatives interested in investment and trade. It will hold periodic meetings in Riyadh and Dakar, where opportunities for trade and investment between the two countries will be discussed.

Trade volume between the Kingdom and Senegal reached about SR185 million ($49 million) in 2021, with the two countries encouraging their private sectors to take advantage of business opportunities and investment partnerships.