The establishment of the European Chamber of Commerce in Saudi Arabia (ECCKSA) will serve as the perfect catalyst for economic growth in both regions. Encouraging the creation of new business synergies is the pillar on which Ambassador Christophe Farnaud has based the inauguration of the Chamber.
“The launch of the first European Chamber of Commerce in Saudi Arabia signals the beginning of a new era of business cooperation”, Christophe Farnaud
EU Ambassador for Saudi Arabia, Bahrain and Oman, Christophe Farnaud, opened in Riyadh the event which was described as “historic and crucial”. With an approach based on strong government relations, it promises to be an essential bridge for mutual trade growth.
The new team in charge of the ECCKSA will actively address any industry issues by recommending and offering new business ideas for companies wishing to join. Apart from the functions that the Chamber will perform, this institution will open up new market opportunities within the 27 markets of the European Union (EU) and create a global network of European chambers of commerce with markets in more than 50 countries around the world.
The inauguration was attended by Ibrahim Al Mubarak, Deputy Minister of Investment, MISA, Luigi di Maio, EU Special Representative for the Gulf, Kristijonas Gedvilas, Executive Director of the ECCKSA, and Douglas Aitkenhead, Team Leader of the EU-GCC Dialogue Project on Economic Diversification.
The Chamber’s first achievement so far was announced by Kristijonas Gedvilas who revealed that more than 300 companies have already been licensed to relocate their headquarters to Riyadh and confirmed that by 2030 it is expected that around 500 companies will be based in the Saudi Kingdom.
This project is a further step in Saudi Arabia’s quest to diversify its economy and gain greater global recognition for its recent achievements and the projects that fall under the Saudi Vision 2030.
Saudi Arabia accounts for only 4.7% of Middle Eastern investment in Europe in the period 2021-2023, according to Pitchbook data reported by Agenda Publica
Saudi Investment Minister Khalid A. al-Falih noted that trade between Europe and Arabia had increased exponentially. The latest figure for trade between the two regions dates back to 2022 with a total of 80 billion dollars. In addition, more than 1,300 European companies have invested in the Saudi nation. In the case of Spain, Saudi investment has reached 18.054 billion dollars in the last two years.
The creation of the European Chamber of Commerce in Saudi Arabia follows agreements during an Investment Forum. This chamber will address specific issues in different industries and offer ideas to improve market access and promote long-term economic growth in Saudi Arabia.
