JEDDAH, 21 May 2008 — Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), wound up a four day trip to Canada recently, which began in Vancouver and passed through the country’s four major commercial centers.
The aim of the trip was to strengthen trade ties between the two countries and highlight Greenfield opportunities in Saudi Arabia, as the Canadian government begins its initiative of expanding its foreign investment base and looking beyond its traditional trade markets such as the US to markets which share the same synergies.
“We had fourteen meetings in Montreal alone in just one day, the interest from Canada is so strong,” Governor Al-Dabbagh said.
“Canada shares some of the same competitive advantages in energy and natural resources as the Kingdom, and is investing heavily in the development of an intellectual base to cater to those industries.
“We are trying to ensure a good spread of both public and private sector meetings and always within the grip of our strategic interest of energy, transportation and KBIs,” he said. While in Canada, Al-Dabbagh met with Candian leaders such as former prime minister, Jean Chretien, the minister of trade for Ottawa, the president of the Mining Association of Canada, the minister of economic development & trade for Ontario, and the president of the Fertilizer Institute, to name a few.
Currently, Canada remains one of the world’s wealthiest nations boasting a Gross Domestic Product (GDP) of approximately SR5.6 trillion ($1.5 trillion US) and a GDP per capita of SR142,500 ($38,000 US), according to economic reports.
According to latest official statistics from Export Development Canada (EDC) Canadian exports to Saudi Arabia, the country’s largest trading partner in the Arabian Peninsula, amounted to a modest SR2 billion ($540 million US) in 2006.
“Canada’s economy is driven by highly educated people and the business climate is fuelled by R&D and supported by business-friendly policies,” Al-Dabbagh said, adding that Canada’s clusters of excellence are responsible for attracting the next generation of innovation and exceptional strengths in the same key industries that Saudi Arabia is currently building.
Since entering the World Trade Organization (WTO) in 2005, Saudi Arabia jumped from 67th to the 38th position, out of 175 countries, the highest score among the Gulf states, according to World Bank’s Ease of Doing Business and Ease of Starting a Business scale.
Commenting on opportunities and potential to be gained from strengthening Saudi-Canadian trade ties, Sarah F. Al-Tamimi, head of the international operations for SAGIA, said in a previous report, “Saudi Arabia plans to spend trillion dollars on infrastructure and other project investments over the next 15 years. The government’s driving goal is called our 10 by 10 plan, to become one of the world’s top 10 competitive economies by 2010,” she said.
“We are focusing on sectors where we have a natural advantage and those that are important to become a knowledge-based society.
“This covers the gamut from establishing top-notch healthcare and education centers to mining the country’s abundant mineral deposits; from state-of-the-art transportation portals to renewable energy and information technology. We believe Canada has a great deal to offer in all these fields,” she said.
