Riyadh: The Federation of Saudi Chambers (FSC) and Senegal’s National Union of Chambers of Commerce, Industry and Agriculture yesterday signed a cooperation agreement to establish a joint Saudi-Senegalese Business Council as part of endeavors to enhance trade movement between the Kingdom of Saudi Arabia and Senegal and increase the commercial and investment cooperation volume between the two countries.

The signing ceremony was held in Dakar in the presence of Saudi Minister of Investment Eng. Khalid Al-Falih, Minister of Foreign Affairs and Senegalese Abroad Aïssata Tall Sal, where the agreement was signed by FSC Vice Chairman Nizar Al-Harkan and President of Senegal’s National Union of Chambers of Commerce, Industry and Agriculture Serigne Mboup.

Al-Harkan said that signing the agreement is a result of ongoing efforts, joint action and Saudi-Senegalese will to increase the volume of commercial and investment exchanges between the two countries, noting that the council will be tasked with several commercial and promotional activities in a systematic way in the fields of commerce, investment, services, industries, training, healthcare and ICT, among other sectors that are targeted in the economic cooperation agenda, where the council will provide a platform for Saudi and Senegalese businesspeople to shed light and promote their activities and hold commercial partnerships.

The council will also seek to open up new qualitative areas for economic cooperation, facilitate ongoing interaction between the Saudi and Senegalese business sectors, work to remove challenges and constraints, exchange information on markets and investment opportunities, enable business and investment partnerships, refer recommendations to competent authorities in the two countries to improve economic relations, encourage participation in exhibitions and forums and exchange visits and trade delegations.

The agreement stipulated that the business council will consist of representatives of Saudi and Senegalese business owners interested in investment and trade, where it will hold periodic meetings in Riyadh and Dakar, during which the opportunities for trade and investment cooperation between the two countries shall be discussed.

Trade volume between the Kingdom of Saudi Arabia and Senegal reached about SAR 185 million in 2021, where the two countries encourage their private sectors to take advantage of opportunities and possibilities to join successful business and investment partnerships.