CSCCI Delegation Ends Canada Visit & Common Understanding Reached To Boost Economic Cooperation

A delegation of the Council of Saudi Chambers of Commerce and Industry (CSCCI) ended a successful state visit to Canada, which included a group of businessmen, that spanned from the 8th to the 14th of June during which they have attended several economic events and met with a number of Canadian officials and businessmen in order to promote trade and investment relations between the Kingdom and Canada.

The delegation, which was composed of Saudi businessmen from various sectors of the economy, was chaired by Dr. Salah Abdel-Hadi Al-Qahtani, Chairman of the Saudi - Canadian Business Council, to meet with their counterparts from Canadian business community and to acquaint themselves with the investment environment in Canada and the available opportunities. In addition to examining the possibility of cooperation with Canadian companies to invest in the kingdom. Also, to explore the possibility for opening the door for Saudi products to be exported to Canada.

Deputy Secretary General of CSCCI, Engineer Fahad Al Slemi, and Dr. Salah Al-Qahtani met during the visit with His Excellency the Minister of Petroleum in Canada. They discussed with him a number of topics of common interest.

In the effort of promoting the Saudi economy and the investment environment in the Kingdom, the delegation has organized an economic symposium in Toronto, which was attended by some 60 Canadian businessmen, during which presentations on the Saudi economy and some of its strengths and the six economic cities that are being implemented, in addition to projects that are executed by the private sector until the year 2020, which reached 624 billion dollars in value and in various fields, such as infrastructure, power etc. 

In addition, presentations were delivered to introduce the activities of Aramco and the projects that are being implemented in anticipation of expanding the oil projects. Also, the mining sector and investment opportunities in it, and the new Mining Investment Code and the incentives in the mineral exploration and the great expectations it entails.  Canadian investors were briefed as well of the new investment regulations and incentives for investors that can be attained.

One of the most prominent findings and recommendations reached in the visit: intensify the exchange of visits by trade delegations, recommendation for common investment among businessmen in both countries, cooperation in the field of small and medium enterprises and benefit from the Canadian expertise in this area, creating joint ventures, particularly among well experienced and highly advanced Canadian companies, and Saudi companies with a strong reputation and management, and to facilitate business visas for Canadian businessmen. Finally, to deliver the message of the need in Saudi private sector for training and the strong interest in it.