- JEDDAH: Brian Mulroney, who was Canada's prime minister for 10 years, recommended on Saturday the setting up of a joint ministerial committee to tackle issues of interest to his country and Saudi Arabia.
- "Canada has interministerial committees with many countries and they have been of immense use in clearing doubts and differences, and tackling issues especially in trade and investment matters," Mulroney, senior partner of Montreal-based Ogilvy Renault, told a meeting at the Jeddah Chamber of Commerce and Industry (JCCI).
"With such a committee between Canada and Saudi Arabia, we'll be able to air our differences without jeopardizing our bilateral ties," said Mulroney who headed an eight-member delegation comprising bank, oil and gas representatives, and lawyers.
Bilateral relations between the Kingdom and Canada include common interests on many peace and security issues. Global economy, security, climate change and international trust are among the issues that such relations can take care of. He commended the efforts of Custodian of the Two Holy Mosques King Abdullah in prioritizing educational and environmental issues.
Saudi Arabia is currently Canada's second largest export market in the region. With a population of 35 million and a GDP (gross domestic product) running into billions of dollars, trade and economic interests continue to be at the forefront of Canada's bilateral relations with Saudi Arabia, said Mulroney.
Canada's exports to Saudi Arabia and the Kingdom's imports from Canada are steadily increasing, but the bilateral trade could expand further as potential is vast, he said. Canada has been promoting free trade agreements with many countries, he said and strongly recommended that such agreements could mean a big boost to the ties.
"Trade and investment are no longer an issue between two countries, but shared by all countries in today's world of globalization," he added.
Inviting Saudi investors to explore Canada's lucrative market, Mulroney identified oil and gas, mining and education among the potential areas attracting foreign direct investment (FDI).
"Canadian economy has strength and stability and that's why the impact of the world economic downturn was minimal. This substantiates that the economy is robust," Mulroney said.
"Canada is the place to invest. We have abundant natural resources, and agriculture, renewable energy, water and human resource are among our advantages. Our economy is diverse and workforce well educated, and we excel in aerospace, defense, education, environmental science, health care, banking and services."
He added that two-thirds of Canada's jobs are created by small and medium enterprises, and many others by the country's immigrants and refugees.
The Kingdom continues to be an important source of foreign students for Canada.
"10,000 Saudis including 800 medical students are currently pursuing studies in Canada," Mulroney said. "Our region may be cold, but our hospitality is warm and quality of education among the best," he added.
- With input from Galal Fakkar