RIYADH: In line with its economic diversification plan, Saudi Arabia has signed a deal with Latvia to promote bilateral trade and encourage Latvian investors to explore opportunities in the Kingdom.
The agreement was signed between the Federation of Saudi Chambers and the Investment and Development Agency of Latvia in Riyadh on Wednesday, the Saudi Press Agency reported.
Abdulaziz Saleh Al-Mousa, FSC’s board member, and Latvian Minister of Economics Ilze Indriksone inked the deal during the Saudi-Latvian Business Forum, which was attended by representatives of various government entities, members of the local business community, and 20 Latvian companies.
The forum emphasized the opportunities for Latvian businesses in Vision 2030 projects and the overall Saudi market.
The event discussed opportunities in Latvia and the prospects for cooperation in logistics, construction, pharmaceuticals, and information and communication technology.
Latvia also intends to develop its commercial and cultural relations with Saudi Arabia, focusing on education, economy, culture, food, and food processing.
According to the UN Comtrade database on international trade, Latvia’s exports to Saudi Arabia were worth $149.35 million in 2022, while Saudi Arabia’s exports to Latvia stood at $1.41 million in 2021.
Trade efforts between nations date back to August 2021, when Khaled Al-Yahya, then secretary-general of FSC, welcomed an official trade delegation from Latvia.
Al-Yahya noted that Latvia contained many commercial features and favorable investment opportunities. He also expressed a desire to establish future relations and cultivate trade exchange.
He said that the Kingdom implemented several reforms and legislative procedures to enhance the role of the private sector in the economic development process, improve the business environment and offer incentives for investors.
The meeting then discussed mechanisms to exchange investment opportunities through private sector institutions in both countries, increasing the number of trade delegations to each country, holding joint exhibitions, and exchanging information to know the available investment opportunities better.