RIYADH: The number of Saudi foreign business councils has reached 70 thanks to the addition of 30 new organizations announced by the Federation of Saudi Chambers president.
During a meeting at the organization’s headquarters, Hassan Al-Huwaizi highlighted that this increase will strengthen the Kingdom’s trade and investment relations with over 124 countries globally, the Saudi Press Agency reported.
He also noted that this move comes within the framework of a comprehensive development project for such councils.
In addition, this initiative aligns with the development project’s goal to activate the councils’ role and contribute to achieving the objectives of the Kingdom’s Vision 2030.
It also falls in line with the plan to establish effective trade and investment partnerships that increase the private sector’s contribution to foreign trade.
The project entails holding quarterly business council meetings, attracting major firms and investors, as well as boosting the representation of women, entrepreneurs, and small and medium enterprises in council membership.
Moreover, it also includes enhancing funding sources, providing technical, logistical, informational, and human support for their activities, as well as developing effective plans for them in accordance with the economic goals of each country.
During the meeting, business council heads focused on the importance of coordination between the organizations and relevant authorities in forums and delegations.
They also discussed bolstering their position as a representative of the Saudi private sector abroad, activating their membership and maximizing the share of government investment agreements, as well as the need to support its work through the union’s executive body.
Furthermore, they also shed light on ways to financially empower the councils by providing the necessary economic information.
The heads also discussed ways to overcome the challenges faced in coordination with their counterparts, highlighting the comparative advantages of each country.
Established in 1980, the Federation of Saudi Chambers is the umbrella and only legitimate representative of the Saudi business community in all its various groups, sectors and regions.
It works towards representing and observing the common interests of these entities, representing them on the local and international levels while also fostering their contribution to the national economic development process.
