The Council of Saudi Chambers (CSC) received the Minister of Foreign Affairs of Latvia, Edgars Rinkēvičs, to discuss bilateral relations between the two countries, with attendance of non-resident Ambassador of Saudi Arabia to Latvia, Dr. Faisal Ghulam.
Mr. Rinkēvičs praised the strategic relations between the two countries, noting the efforts of the Saudi leadership in this regard, represented in King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.
The Latvian Minister shed light on the potentials that can be explored in Latvia, adding that he looks forward to future cooperation between CSC and their counterpart in the Latvian market, namely in the education, healthcare, environment, pharmaceutical, and information technology sectors, among others.
For his part, CSC Vice Chairperson Abdullah AL Adeem stated that delegation exchanges between the two countries contributed significantly to the growth of bilateral relations, adding that despite efforts, trade remains modest compared to the two countries’ respective potentials – estimated at around SAR 342 million (USD 91 million) in 2018. He urged to increase the exchange of information to keep abreast of the latest opportunities in both markets, and to hold exhibitions in both countries to highlight their respective products.
Mr. Al Adeem added that Saudi Arabia works within a strategic plan to best utilize its economic resources, lessen oil reliance, and attract foreign investments. Noting that several measures had been taken in this regard, including fostering the role of the private sector in the national economic development process, improving the business environment, and offering incentives to investors.
The CSC Vice Chairperson invited Latvian businesspeople to explore the potentials of the Saudi Vision 2030 and to take advantage of the facilitations the Kingdom offers to foreign investors.