The Saudi-Danish economic relations are witnessing new developments as the two sides signed a memorandum of understanding to create a Saudi-Danish Business Council as a tool to enhance bilateral trade relations between the two countries.
Chairperson of the Council of Saudi Chambers (CSC) Dr. Abdulrahman Al Zamil and Deputy Director General of the Confederation of Danish Industry Thomas Bustrup signed the MoU.
The joint council will aim at opening new channels of cooperation between the two countries, encouraging continued interaction between their respective business sectors, engaging in trade and promotion activities, and focusing on innovation, transferring technology and training in targeted sectors.
The MoU entails that the joint council consists of related business representatives on both sides, with regular meetings held in both Riyadh and Copenhagen. The joint council will help facilitate delegation exchanges, organizing exhibitions, exchanging information on latest economic developments and business opportunities, and making recommendations to concerned bodies in both countries as to how to enhance bilateral trade relations.
The MoU signing comes as a culmination of the joint Saudi-Danish efforts to increase cooperation between the two countries over the years.
During Crown Prince of Denmark Frederik André Henrik’s visit to Saudi Arabia, the Danish government organized an exhibition to promote Danish products related to smart cities, healthcare, environment, foodstuffs, and modern designs.
It is worth noting that Saudi Arabia and Denmark share distinguished relations that continue to grow, with bilateral trade estimated at approx. SAR 2.840m in 2015. Some of the Kingdom’s key exports to Denmark include crude oil, and Polypropylene and Polyethylene products. Denmark’s key exports include pharmaceutical products, medical equipment, dairy products, soft drinks, and industrial technologies, among others.