RIYADH: Saudi Arabia and Tajikistan have inked a memorandum of understanding aimed at boosting non-oil exports and fostering knowledge exchange.
As reported by the Kingdom’s press agency, the MoU was signed by the Saudi Export Development Authority and the Export Agency of Tajikistan during a side event where a bilateral business council between the two nations was also agreed upon.
This agreement was jointly reached by the Federation of Saudi Chambers and the Chamber of Commerce and Industry in Tajikistan, focusing on enhancing trade and investment ties.
Enhancing non-oil exports and promoting trade between countries is a pivotal objective within Saudi Arabia’s Vision 2030, as the Kingdom continues its economic diversification efforts by decreasing its reliance on crude oil revenues.
The Saudi-Tajik Business Council is anticipated to act as a hub for private sector communities in both countries to connect, exhibit their activities, and cultivate commercial alliances.
The council will also endeavor to explore new avenues for economic cooperation, facilitate ongoing interaction between the private sectors of both nations, and share insights on market prospects.
At the ongoing 28th edition of the World Investment Conference in Riyadh, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, held a bilateral meeting with the First Deputy Prime Minister of Tajikistan, Hakim Khalikzoda, discussing enhanced collaboration in the mining and industrial sectors.
Alkhorayef also met with the Tunisian Minister of Economy and Planning, Samir Abdel Hafeez, to explore avenues for developing industrial sector relations between the two nations.
Earlier this month, Saudi Arabia and Tunisia signed an MoU to bolster bilateral cooperation and encourage direct investments. The agreement, signed by Saudi Arabia’s Minister of Investment Khalid Al-Falih and Tunisia’s Minister of Economy and Planning, centers on sharing regulations and laws to improve the investment climate in both countries.
This agreement is viewed as a significant step in strengthening economic and industrial bonds between Saudi Arabia and Tunisia as they strive to diversify their economies and generate new growth opportunities through strategic collaborations.
A report from Saudi Arabia’s General Authority for Statistics in November disclosed that the country’s non-oil exports surged to SR79.48 billion ($21.16 billion) in the third quarter of this year, marking a 16.76 percent increase compared to the same period in 2023.
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