Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the shared commitment to strengthening bilateral economic relations.<\/p>\n\n\n\n
The talks coincided with a visit by a high-level Saudi delegation led by the Minister of Investment, Eng. Khalid Al-Falih, during which both sides announced the reactivation of the Joint Economic Commission.<\/p>\n\n\n\n
These developments are gaining significant momentum, supported by Canada\u2019s endorsement of Saudi Vision 2030 and the two countries\u2019 willingness to expand their economic partnership across vital and non-oil sectors.<\/p>\n\n\n\n
The Canadian Ambassador to Saudi Arabia, Jean-Philippe Linteau, said that Canada was thrilled to welcome Al-Falih.<\/p>\n\n\n\n
\u201cHis meetings with Prime Minister Mark Carney, Minister of Trade Maninder Sidhu and Foreign Minister Anita Anand, as well as with senior Canadian business leaders, were a clear illustration of Canada\u2019s desire to grow the economic partnership between Saudi Arabia and Canada,\u201d said Linteau.<\/p>\n\n\n\n
The diplomat added that \u201cthere is growing momentum because of Canada\u2019s support for the Kingdom\u2019s Vision 2030 goals and the visit helped advance key engagement on trade and investment as well as partnerships in sectors such as education, mining, AI and infrastructure.\u201d<\/p>\n\n\n\n
In 2024, Saudi Arabia was Canada\u2019s largest merchandise trading partner in the Middle East. Two-way merchandise trade between the two countries in 2024 was valued at approximately $4.1 billion.<\/p>\n\n\n\n
Over 150 Canadian companies are active in Saudi Arabia, offering competitive solutions in artificial intelligence and frontier technology, healthcare, infrastructure, mining, defence products, and creative industries.<\/p>\n\n\n\n
During their meeting in Ottawa, Sidhu and Al-Falih announced the launch of negotiations for a Foreign Investment and Protection Agreement between Canada and Saudi Arabia. They also announced the reactivation of the Joint Economic Commission, a treaty-based mechanism to promote trade and economic initiatives of mutual benefit.<\/p>\n\n\n\n
Sidhu and Al-Falih welcomed the October 23 signing of a memorandum of understanding between Export Development Canada and the Saudi EXIM Bank.<\/p>\n\n\n\n
The increased partnership between Canada and Saudi Arabia will boost business opportunities, increase bilateral trade and unlock export opportunities and investments in Canadian and Saudi Arabian companies alike.<\/p>\n\n\n\n
The two ministers also discussed future strategic sector partnerships between Canadian and Saudi Arabian companies, including in the areas of artificial intelligence and frontier technologies, healthcare, infrastructure, mining, defence, and creative industries.<\/p>\n\n\n\n
They also met with business leaders and industry stakeholders, participated in a business round table with Invest in Canada and focused on deepening Canada-Saudi relations by highlighting commercial success stories between Canadian and Saudi companies.<\/p>\n\n\n\n
\u201cSaudi Arabia is an important market for Canada as our largest bilateral merchandise trading partner in the Middle East. We\u2019re committed to advancing economic cooperation and mutually beneficial investment opportunities to foster greater commercial prosperity for Canadians and Saudis,\u201d Sidhu said in a statement.<\/p>\n\n\n\n
\u201cI look forward to strengthening the relationship between our two countries and promoting continued cooperation for our businesses, industries and workers,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the shared commitment…<\/p>\n","protected":false},"author":2,"featured_media":3387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,16,4,7,8,366],"tags":[22,482,160,66,28],"class_list":["post-3386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","category-international","category-mena","category-politics","category-saudi-arabia","tag-business","tag-canada","tag-saudi","tag-saudi-arabia","tag-trade"],"yoast_head":"\n