Economist / Council of Saudi Chambers discusses with the Chilean parliament delegation the strengthening of economic relations between the two countries

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Riyadh 26 Shawwal 1442 AH corresponding to 07 June 2021 AD SPA
The Council of Saudi Chambers discussed with a delegation from the Chilean Parliament headed by the Chairperson of the Independent Democratic Unity Party and a member of the Senate of the Republic of Chile Jacqueline Risberg today, aspects of cooperation in the trade and investment fields and how to push the relations between the two countries forward in these areas, during a meeting attended by a number of Saudi business owners.
The Chilean leader of the Independent Democratic Unity Party stressed the importance of her visit to the Kingdom and the fruitful consultations she held with officials and government agencies, and her country’s strong desire to strengthen its economic relations with the Kingdom, which she described as a large country with great resources and vast investment opportunities that Chilean investors can benefit from.
She called on Saudi companies to explore promising opportunities in Chile in the sectors of energy, mining, agriculture and tourism, noting the advantages and investment incentives that Chile provides to foreign investors.
In turn, the Vice-President of the Council of Saudi Chambers, Eng. Tariq Al-Haidari, reviewed the economic components of the Kingdom in light of the Kingdom’s Vision 2030 and its position in international indicators and classifications, as it ranked first in the world in dealing with the Corona pandemic, consumer confidence and the business environment, and effective measures were taken to facilitate trade and investment and provide incentives to investors. The foreigners, expressing their readiness in the Saudi business sector to build partnerships with business owners in Chile, inviting them to explore the Kingdom and the promising investment opportunities offered by its ambitious vision through direct investment or through partnerships with their Saudi counterparts.
The interventions of Saudi business owners during the meeting focused on the need to facilitate procedures for obtaining visas and exchanging tourist delegations to introduce both countries, strengthening relations between the Council of Chambers and the Chamber of Commerce in Chile, and focusing on promising sectors such as agriculture, tourism, mining, exporting Saudi dates and food security.
The Kingdom and Chile have wide opportunities for cooperation in 3 main sectors: renewable energy. Chile is one of the advanced countries in renewable energy legislation globally and one of the largest producers in South America and can contribute to increasing energy sources (solar and wind) to maximize the value of the energy sector in the Kingdom. Mining, Chile has the highest percentage of copper production in the world and the second in lithium production, which is an opportunity for cooperation and exchange of experiences in this sector, while Chile is one of the leading countries in the production and export of agricultural products and thus can meet the Kingdom’s demand for food.
It is noteworthy that the economy of the Republic of Chile is the fifth largest economy in South America, with an average GDP growth rate of 4% over the past ten years, and depends mainly on the copper market. Tourism is growing rapidly, Chile’s economy enjoys a high degree of economic freedom, and the country is ranked 44th in the list of the world’s largest exporters and 44th in the list of largest importers, and its position is favorable for trade and foreign investment.
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