The volume of trade between the two countries increased by more than 41 percent in 2021
A Saudi-Norwegian meeting discusses developing marine business and coastal development opportunities
The Chairman of the Board of Directors of the Asharqia Chamber Badr bin Suleiman Al-Raziza met on Tuesday morning, September 27, 2022, with the Ambassador of the Kingdom of Norway to the Kingdom, Thomas Led Bull, where they discussed aspects of cooperation.
Ambassador Thomas and Norway's Director of Innovation in the Middle East, Aspen Teksum, headed a Norwegian trade delegation specialized in the maritime sector, in a meeting organized by the Chamber, which included many companies specialized in maritime industries and services, where it witnessed a remarkable presence from the business sector and those interested in the two countries.
During the meeting, which was attended by the Chamber’s Second Vice-President, Mohammed bin Hamad Al-Ammar Al-Khalidi, and the Chamber’s Secretary General, Abdul Rahman bin Abdullah Al-Wabil, Al-Raziza said that such meetings enhance communication opportunities and open up horizons of knowledge for the private sector in the two countries and give additional impetus to trade, technology, innovation, and investment opportunities. He stressed that the Kingdom and Norway have strong economic and trade relations, which increased the volume of trade between the two countries, which amounted to about 955.9 million riyals in 2021, recording an increase of 41.7% over the year 2020, which amounted to 674.7 million riyals. 92) in the list of countries to which the Kingdom exported in 2021.
The value of the Kingdom's exports to Norway also recorded an increase in the same year by 59.5 million riyals, or 251%, compared to 2020.
Al-Raziza pointed out that the coming periods will witness a major leap in trade relations between the two countries, especially in light of the common factors and the steps taken by our wise government towards diversifying the economic base within the framework of its Vision 2030, which promotes the generation of a giant economy in various sectors.
He urged the members of the delegation to work on expanding investment and trade circles between private sector companies in both countries, and called for the Kingdom's stimulus and major projects, particularly about subsidized maritime business industries, and their regulatory and procedural steps in this regard within the framework of achieving the objectives of Vision 2030.
For this part, the Norwegian Ambassador to the Kingdom Thomas Led Paul looked forward to further cooperation between the two countries, pointing out that this visit prompted the strengthening of economic relations in non-traditional sectors.
Contrary to the remarkable resemblance in the Kingdom and Norway's major vital economic disciplines in the renewable energy and oil and gas sectors, there were promising opportunities to work together to develop investment in the comparative advantage of the offshore coastline and maritime business, which was characterized by the coasts of the Kingdom and Norway, which had the world's second-longest coastline.