The Saudi-Irish relations entered a new era as the two countries held a joint business council here on Monday at the Council of Saudi Chambers (CSC) to explore ways for close coordination between companies of the two countries.

Encouraged by the positive reports of rating agencies on the Irish financial position, Irish Prime Minister Enda Kenny, who is on a visit to the Kingdom accompanied by a huge business delegation, sought to resume the purchasing of Irish bonds by the Saudi Arabian Monetary Agency, during his meeting with SAMA Gov. Fahd bin Abdullah Al-Mubarak, who agreed to visit Dublin for bond talks.

SAMA holds government bonds in its investment portfolio and held the Irish paper before the economic crisis.

"SAMA governor will be in Dublin next month to discuss the matter with the National Treasury Management Agency (NTMA), which sells Irish government bonds to investors," Kenny said. All set to experience a new era in bilateral relations.

The 3rd Saudi-Irish joint business council attended by Kenny, CSC Chairman Abdullah S. Almotby, Richard Bruton, Irish minister for job, enterprise and Innovation, Niall Holohan, Irish ambassador in Riyadh, and businessmen from both the countries also witnessed the partnership agreement signing ceremony between Global Risk Solutions, Ireland, and Sultan Al-Shehail Trading Est, Saudi Arabia.

The Irish PM was accompanied by a delegation of more than 70 companies on his visit to the Kingdom to enhance bilateral relations. He said: "We came here to explore ways to let Irish and Saudi companies work together for jobs in Saudi Arabia and Ireland."

Addressing the joint business meeting, he added: "This is my first visit as well as the first of its kind to the Kingdom comprising a huge delegation to bolster bilateral ties. We believe that these companies are in a better position to do business in Saudi Arabia."

Describing the relations between the two countries as "very strong" Kenny said: “We have historic relations in the sense that Saudi students are coming to Ireland for higher studies for decades under various programs, especially King Abdullah Scholarship Program (KASP).

"We appreciate KASP. There are 2,700 students studying in Ireland under the program and these students will help shape the future of their country with higher studies."

The Irish premier described them as the "ambassadors" of Saudi Arabia who will be asset to the country on return from academic program and vocational training.

"I am very happy about the prospects of this in the future," he stated.

He added that the partnership is historical despite differences in language, culture and tradition as we have common trade aspirations and "it will go a long way" from here.

He also tipped the Irish companies to form real partnership. "I want our companies to know about establishing business here in the Kingdom. They need to form real partnership, have patience on standards that takes time to build into relationship. Let’s proceed with a clear plan and strategy. Hopefully when we meet next, we will realize the valuable gains," Kenny said at the joint council meeting.

Earlier, the Irish premier met Crown Prince Salman, deputy premier and defense minister, at Al-Yamamah Palace here and reviewed bilateral relations. The two leaders also discussed ways to enhance bilateral ties.

Almotby in his opening remarks maintained that the joint effort will protect mutual interest from both countries to upgrade the size of trade exchange between them.

Expressing his pleasure over the first joint meeting to be hosted in Riyadh, he asserted that the council will play an important role in increasing bilateral investments between the two countries, maintaining stable relations, a smooth trade exchange and ultimately bolster bilateral ties.

Amin M. Alshanqiti, co-chairman of the Saudi-Irish Business Council, reiterated that the council’s meeting will further strengthen trade and commerce between the two countries and we are looking forward to boost ties.

In a reply he named ICT, healthcare, infrastructure, engineering and construction sectors as the major areas in focus.

He underlined that with the Almarai establishment, "we look forward for better ties in food processing industries."

Joseph Lynch, co-chair of the council, said " we are a small island but have huge potential to help the Kingdom in many areas, including food security."

"I am very optimistic about the prospects and significant progress when we meet for the next meeting of joint business council to be held in June in Dublin, where the first two meetings were held," he stated.

He added that the visit also aims to promote Irish goods and services in the Kingdom and tourism in Ireland.

Commenting on the education sector, he pointed out that there is room for more Saudi students to come to Ireland as Irish institutes are able to serve them aptly.

He also indicated the interest of Irish institutes in venturing into the education sector in the Kingdom.