Saudi Arabia and Canada sign 6 agreements at the joint business forum
Economic relations between Saudi Arabia and Canada have witnessed a significant boost and remarkable development, with the Saudi-Canadian Business and Investment Forum under the umbrella of the "Invest in Saudi Arabia" initiative. This important event was attended by Saudi Minister of Investment, Engineer Khalid bin Abdulaziz Al-Falih, and Canadian Minister of International Trade, Maninder Sidhu, along with a select group of government officials and representatives from major companies and the private sector in both countries.
Details of agreements and areas of cooperation
The forum concluded with the signing of six strategic memoranda of understanding aimed at deepening joint cooperation. These agreements focused on vital sectors that form the backbone of the modern economy, including:
- Communications and information technology.
- Cybersecurity and data protection.
- Education and vocational training.
- Manufacturing and advanced industrial technologies.
The forum also included intensive bilateral workshops, which provided the private sector in both countries with a platform to exchange experiences and discuss challenges and opportunities, reflecting a serious desire to move relations from the stage of traditional trade exchange to a sustainable strategic partnership.
The context of economic transformation and Vision 2030
This economic activity comes at a time when the Kingdom is undergoing a radical transformation led by Saudi Vision 2030 , which aims to diversify income sources and reduce dependence on oil. The Kingdom views Canada as a strategic partner in the fields of mining, renewable energy, and technology, given the global expertise of Canadian companies in these sectors. This forum is a practical step towards attracting quality investments and localizing technology, which is central to the goals of the national vision.
The return of diplomatic relations and its impact
This economic momentum cannot be separated from the political and diplomatic context; the forum comes as one of the fruits of the restoration of full diplomatic relations between Riyadh and Ottawa in May 2023, after a period of coolness that began in 2018. These accelerated economic steps confirm the desire of the leadership in both countries to turn the page on the past and focus on common interests, especially since the two countries are active members of the G20, and possess significant economic weight that qualifies them to play a pivotal role in the stability of global supply chains and energy security.
Future prospects for investment
The forum also discussed investment opportunities in infrastructure, digital transformation, and defense—sectors experiencing tremendous growth in the Kingdom. These partnerships are expected to open new markets for Saudi products and increase the flow of Canadian direct investment into the Saudi market, further solidifying the Kingdom's position as a global logistics and investment hub connecting three continents.
