RIYADH: A special committee composed of Saudi businessmen and African ambassadors was set up on Saturday to promote trade and investment between the Kingdom and African countries.
“The six member committee will be composed of three Saudi businessmen and three African ambassadors,” Muhammed A. Al- Fadl, president of the Saudi Council of Chambers of Commerce and Industry said at the Second Meeting of the Head of African Missions and Saudi businessmen held at SCCCI headquarters on Saturday. The meeting was attended by 30 African envoys and 50 local businessmen.
Al-Fadl pointed out that interaction between diplomats and local entrepreneurs would help explore new areas for trade and investment in the Kingdom and in African countries. “ African countries account for a minimal 1.7 percent of the Kingdom’s external trade but they enjoy only 1.2 percent of the foreign direct investment in the Kingdom,” he noted.
The president said that the two parties would organize trade and investment exhibitions in the Kingdom and in African countries to display the trade potential in the concerned countries.
SCCCI Secretary-General Fahd Al-Sultan said that it was decided to hold this meeting once every two years to review the progress made during the period. “ African countries have much trade potential that has not been discovered by Saudi businessmen. Rapport between the two would definitely help harness the untapped resources. All our goals and aspirations are common, therefore it is not difficult to forge ahead. Each African state has something to offer to the other party which will be usefully harnessed for mutual benefits.”
Al-Sultan said that a team of Saudi businessmen would shortly visit African countries and give a feedback to SCCCI for future steps toward bilateral trade and investment. He said that the six member committee appointed for the purpose would meet once in three months to produce a plan for further action.
