RIYADH: Saudi Arabia and Tunisia have signed a memorandum of understanding to strengthen bilateral cooperation and promote direct investments between the two nations.
The deal, which was inked by Saudi Minister of Investment Khalid Al-Falih and Tunisian Minister of Economy and Planning Samir Abdel Hafeez in Tunis, focuses on sharing regulations and laws to enhance the investment environment in both countries.
The agreement, which also aims to improve investment opportunities, was discussed during a meeting attended by Saudi Ambassador to Tunisia Abdulaziz bin Ali Al-Saqr. The talks covered several sectors of mutual interest, including industry, transport, and logistics, with a focus on enhancing collaboration and facilitating joint ventures, the Saudi Press Agency reported.
Tunisian President Kais Saied welcomed Al-Falih, where the Saudi minister conveyed greetings from King Salman and Crown Prince Mohammed bin Salman, expressing the Kingdom’s commitment to Tunisia’s ongoing progress and stability.
Saied thanked Saudi Arabia for its leadership role in the Arab and Islamic worlds, praising the Kingdom’s efforts in fostering regional unity and development.
He added that the agreement marked a significant step in strengthening economic ties between the two countries, with the MoU serving as a catalyst for joint development initiatives.
The deal follows recent discussions on strengthening industrial and economic cooperation.
In October, Saudi Vice Minister of Industry Affairs Khalil bin Salamah confirmed to Arab News that collaboration with Tunisia was imminent, noting that the two countries were in the process of selecting key sectors, such as pharmaceuticals and automotive components, for initial investments.
He emphasized the need for common policies among Arab nations to serve as a foundation for regional collaboration across various industrial sectors.
On the sidelines of the Multilateral Industrial Policy Forum in Riyadh las month, Tunisian Minister of Industry, Mines, and Energy Fatma Thabet Chiboub also pointed out that Tunisia’s distinctive mining resources presented significant opportunities for Saudi investors.
She emphasized the automotive components and pharmaceutical industries as key areas for potential collaboration, while also expressing concern that the current level of investment from Saudi Arabia did not fully reflect the bilateral relationship’s potential.
The MoU is seen as a crucial step in deepening the economic and industrial ties between Saudi Arabia and Tunisia, both of which are looking to diversify their economies and create new growth opportunities through strategic partnerships.
