Groser was speaking at a ceremony to mark the full takeover of Saudi New Zealand Milk Products (SNZMP) Co. Ltd. by Fonterra, a Fortune 500 multinational dairy company from New Zealand.

Fonterra previously had a 49 percent stake in SNZMP, with Saudia Foodstuff and Dairy Company (SADAFCO) the majority owner.

Worth around SR120 million, this acquisition is a major step forward for Fonterra’s growth strategy in Saudi Arabia and the wider Gulf Cooperation Council (GCC) region.

“The GCC holds increasing importance for New Zealand, and our visit to the region aims to extend our existing trade relationships as well as investigate new opportunities for trade and investment in the region. The ceremony today represents yet another advance in expanding the reach of New Zealand products and expertise within this prosperous market,” said Groser.  “We are looking for a strategic partnership with Saudi Arabia in particular. We are close to signing the free trade agreement with the GCC and that will unveil a new chapter in our relationship with Saudi Arabia and other Gulf states.”

He added that he was keen for the two countries to build a holistic relationship together.

Groser referred to the presence of a large number of Saudi students in New Zealand universities and colleges. “In the years to come we see them as our ambassadors,” he said. “We are thinking long term. We are impressed by the policies of (Custodian of the Two Holy Mosques) King Abdullah and it is no wonder that Saudi Arabia has emerged as a key market on the world stage. We are serious about doing business with them. This is the reason why I am here with such a large delegation of businesspeople.”

He said he had held fruitful meetings with Riyadh Gov. Prince Salman, Foreign Minister Saud Al-Faisal, Agriculture Minister Fahd Balghunaim and Kingdom Holding Company chief Prince Alwaleed bin Talal.

Fonterra Managing Director Amr W. Farghal said the official ceremony marked the beginning of the next stage for his company’s business in Saudi Arabia. 

“Saudi Arabia is the cornerstone of our business in the GCC. With full ownership of (SNZMP), we will be able to secure the future manufacturing requirements needed to meet growing demand for high quality, New Zealand dairy in the region.”

Mark Wilson, Fonterra’s managing director of Asia, Africa and Middle East, members of the New Zealand trade delegation that included businessmen from around 60 New Zealand companies, and local government officials also attended the event.

Fonterra’s main consumer brands include the Anchor range of milk powders and cheeses, Anlene, and the Chesdale cheese brand.