The Ports and Free Zones Authority in Djibouti is exploring prospects for cooperation with businessmen in the Eastern region.
On Tuesday, September 19, 2023, the Eastern Chamber hosted a meeting for businessmen and businesswomen in the Eastern region with members of the Djiboutian delegation currently visiting the Kingdom. During the meeting, both parties acknowledged the depth of the relationship between the Kingdom and the Republic of Djibouti, especially in the economic aspect. They emphasized the importance of communication to enhance and strengthen these relationships for the benefit of both brotherly countries. The meeting also highlighted various wide-ranging opportunities for joint investment.
The meeting, held at the main center of the chamber in Dammam, witnessed official representation from both sides, including Agarid Bint Ihsan Abduljawad, a member of the board of directors of the Eastern Chamber, Ambassador Extraordinary and Plenipotentiary of the Republic of Djibouti to the Kingdom, Diaa Al-Din Said Bamakhrama, Abu Bakr Haddi, the Chairman of the Ports and Free Zones Authority in Djibouti, and Dr. Mansour Al-Turki, the Undersecretary of the Ministry of Transport, Logistics Services, and Sector Development. Additionally, a large number of businessmen and businesswomen attended the meeting.
The attendees emphasized that the present time represents a valuable opportunity for deeper relationships and broader trade exchanges. This is due to the shared ambitions of the leaders of both countries, which confirm cooperation, the exchange of experiences, investments, and the favorable investment environment that both parties have.
In her speech during the meeting, Agarid Abduljawad mentioned that the Kingdom and the Republic of Djibouti have strong and deep-rooted historical relations characterized by growth and development in various fields. She pointed out that the trade between the two countries witnessed a significant increase in 2022, reaching 33.1%. The value of Saudi exports to Djibouti also increased to approximately 9 billion Saudi riyals, compared to around 6.8 billion riyals in 2021 and about 1.6 billion riyals in 2018. Djibouti ranks 30th in terms of countries to which the Kingdom exported in 2022.
Abduljawad also highlighted that the economic and trade relations between the Kingdom and Djibouti are supported by several agreements, including the Trade Cooperation Program aimed at enhancing and developing trade and investment exchanges between the two countries, creating a favorable investment environment, and exchanging experiences and information in various fields.
Abduljawad stated: "Considering the strategic location of our sister Republic of Djibouti, situated prominently between the trade routes of the East and the West, and being a significant gateway to the African market, coupled with our strong and consistently growing economy driven by an ambitious vision, there are new investment opportunities opening up for businessmen in both countries. There are multiple opportunities to enhance trade volumes, establish joint logistics projects, and expand various forms of investment partnerships."
In this context, investment opportunities available in both countries were presented through visual presentations by the Saudi Exports and Imports Bank and the Saudi Ministry of Transport and Logistics Services. The Djiboutian delegation also provided visual presentations on investment opportunities in ports and free zones in Djibouti. During the meeting, an open dialogue took place regarding mechanisms for cooperation between representatives of the private sector in the two sister countries.
