Riyadh: Saudi Finance Minister Ibrahim Al-Assaf said here on Sunday that there is a strong need to intensify trade cooperation between the Arab and South American countries in view of the promising opportunities available in these countries.
The minister was addressing more than 350 delegates at the Fourth Businessmen Forum of the Arab-South American Countries, which was inaugurated at the headquarters of the Council of Saudi Chambers (CSC) on Sunday, according to the Saudi daily (Arab News).
The event was organized by the CSC in collaboration with the Arab League and the Union of Chambers of Arab and South American countries to discuss ways to strengthen economic and trade cooperation between the two sides.
Speaking further, Al-Assaf pointed out that there are several viable opportunities in energy, construction and manufacturing industries.
The private sectors in the two regions should take more efforts to promote investments and trade between the countries of the two sides.
He said 17% of Arab exports go to the South American region, while 20% of their exports come to the Arab world. Arab exports to South America include, oil and petroleum products, fertilizers, iron and steel, while its imports include meat, grains, minerals and foodstuffs.
The minister said the economic reforms introduced by Custodian of the Two Holy Mosques King Salman paved the way for international companies to invest directly in the Saudi retail market.
Due to the nature of mutual products and the distance between the two regions, the minister underlined the importance of strengthening the maritime link between the two sides.
QNA
