Commerce and Industry Minister Tawfiq Al-Rabiah has signed the minutes of the joint Saudi-Spanish committee to identify opportunities for cooperation in the trade, economic, investment, technical and cultural areas between the two countries, the Saudi Press Agency reported.

The signing ceremony was also attended by Saudi Ambassador to Madrid Prince Mansour bin Khalid bin Farhan and senior members of the joint committee.

Jose Manuel Soria, Spanish minister of Industry, Energy and Tourism, signed for his country and expressed optimism over the outcome of the joint meetings in promoting cooperation and opening up new markets for trade and investment.

The Spanish minister said there were many Saudi companies operating in Spain in the trade, industrial and service areas, adding that the organization would give a chance to expand cooperation between the two countries.

Al-Rabiah said that though business relations between the two countries were not new, they do not reflect the real ambition and will between the two key economies.

He explored the stages and progress of economic cooperation between the two countries, adding that the volume of trade exchange reached nine billion Euros in 2013.

He stressed the need to intensify efforts on how to implement initiatives aimed at enriching relations to benefit both countries.

“The Kingdom is keen to promote expectations of the joint committee so as to devise investment programs between the two countries to keep up with our economies,” he said, adding that the Kingdom’s economy falls within the 20th most powerful economies of the world and its reputed global position in the production of energy and petrochemical industries.

He said Saudi companies and investors have the capacities and ambitions to set up investments and businesses with their Spanish counterparts.