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The aim of the agreement is to support Latvian entrepreneurs in acquiring new, growing markets, promoting export growth and attracting investment, the government said in a statement.
“Both Latvian businessmen and Saudi Arabian officials have pointed to the growing interest in closer co-operation between our two countries. Therefore, the conclusion of the agreement will open wider opportunities for the development of economic and trade relations between the two countries,” the Minister of Economics emphasizes. Jānis Vitenbergs.
Latvian entrepreneurs representing the IT, technology, education, pharmaceutical, cosmetics, textile and education sectors have already expressed the most active interest in the Saudi Arabian market. Therefore, there is a lot of potential in economic cooperation, for example in terms of technology, e-government, etc., which is also in line with Saudi Arabia’s development strategy “Saudi Vision 2030”.
Once signed, the agreement will become the main bilateral economic cooperation agreement, covering cooperation in areas such as trade, investment, the financial sector, industry, agriculture and the food industry, transport and logistics, science, technology and innovation, tourism, pharmaceuticals and the cosmetics sector. and communication technologies and other areas of common interest that would foster economic cooperation between the two countries
The agreement also envisages the establishment of a Joint Committee between Latvia and Saudi Arabia, within which the current issues of economic co-operation and the possibilities for its expansion will be considered.
Negotiations on an intergovernmental economic cooperation agreement between the Republic of Latvia and the Kingdom of Saudi Arabia were launched in early 2020.
In 2020, Saudi Arabia was Latvia’s 39th largest foreign trade partner (goods and services). The total turnover of trade in goods and services amounted to 88.41 million euros, including exports: 88.35 million euros (87% of vegetable products – wheat, a mixture of wheat and rye, and barley), imports: 0.07 million euros, said Ministry of Foreign Affairs Homepage.
Saudi Arabia is the largest country in the Arabian Peninsula. Its main source of income is oil, which was discovered in Saudi Arabia in 1936. The country has the world’s largest oil and natural gas reserves, valued as a quarter of the world’s oil resources. According to 2013 data, Saudi Arabia had a population of 26,939,583, of whom 5,576,076 were non-citizens.
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