Continuous growth in the volume of trade exchange between the Kingdom, Belgium, and Luxembourg
The First Vice Chairman of the Board of Directors of the Asharqia Chamber, Hamad bin Muhammad Al-Boali, expressed great optimism about the strengthening and growth of trade relations between the Kingdom, Belgium, and Luxembourg, and that promising opportunities are available to the private sector as a result of this, to establish value-added projects, especially in the fields of technology, energy, and logistic services.
Al-Buali said, during a meeting with the Belgian-Luxembourgian trade delegation organized by the Asharqia Chamber at its headquarters Thursday, March 17, 2022, headed by the Belgian Consul to the Kingdom Elisa de Rais, and in the presence of the Secretary-General of the Arab-Belgian-Luxembourgian Chamber Caesar Hijazin, and with the participation of the business sector, that the Kingdom is associated with the Kingdom of Belgium and the State of Luxembourg Economic relations are moving in a positive and escalating trend, especially since the two countries (Belgium and Luxembourg) enjoy strong joint economic and trade relations between them that are subject to numerous agreements, foremost of which is (the Agreement for the Promotion and Mutual Protection of Investments with the Belgian-Luxembourgian Economic Union), and the two countries share many areas of trade and investment cooperation. , such as health care, energy, environment, transportation, logistics, and many other sectors, which provides a good opportunity for the private sector in the Kingdom.
Al-Buali pointed out that the relationship with the three countries has witnessed a tangible development at various levels, especially at the economic level, as the volume of trade between the Kingdom and Belgium in 2019 amounted to about 27 billion riyals, and in the year of the pandemic, about 17 billion riyals, and Belgium ranked 13th in terms of Ranking of the countries to which the Kingdom exports in 2020.
Al-Buali called on the business sector in the three countries to seize commercial opportunities, pointing to the excellence of Belgian-Luxembourgish companies, which is reflected in their effective performance and use of modern technology.
Specialists from King Salman Energy City "SPARK" participated in the meeting, where Abdullah Al-Dayl, Senior Analyst for Industrial Investments, gave a presentation on the city, which extends over an area of 50 square kilometers and is being developed to become the leading gateway to the regional energy sector in the future.
