Doing Business in Cyprus (Saudi edition)

DOING BUSINESS C YPRUS
42
SAUDI ARABIA EDITION
What kind of joint projects or initiatives do the two
countries participate in at the moment, and what new
prospects are there to increase economic cooperation?
As previously mentioned, we have witnessed a significant momentum in our strategic
bilateral and multilateral relations, both political and economic. Despite the
limitations caused by the pandemic, Riyadh and Jeddah Chamber in collaboration with
the Cyprus Chamber of Commerce and Industry organised last June the first of Cyprus-
Saudi Business Forums in the two Saudi cities. These events and ones to follow are great
testament to the growing strength of Cyprus-Saudi Arabia relations and provide a unique
opportunity for entrepreneurs and members of the business community from both
friendly countries to learn more about the advantages of these attractive investment
destinations and to hear about the prospects and the current market opportunities.
Indeed, businesses from both countries use these forums to forge networks as well as
engage in business-to-business transactions. We are working together with the business
people of both countries and are exploring new avenues and opportunities for bilateral
trade and investments. As previously mentioned, we see it more as people-to-people
interactions. Our Embassy encourages businesses from Cyprus to expand their footprint
in the Kingdom and start building relationships with their Saudi Arabian counterparts.
The Kingdom of Saudi Arabia is undergoing significant changes, economically
and socially. Indeed, the ongoing reforms have led to a significant increase of FDIs in
the Kingdom. Indeed, the results of the Vision 2030 are evident in our daily lives and
interactions. The positive state of our bilateral relations offers a unique opportunity
to build momentum to deepen economic ties in this longstanding and enduring
partnership. Deepening the economic relationship would pay dividends in other areas
as well, translating into greater opportunities for strategic bilateral cooperation.
The production of mutually beneficial results will demand time, resources, and
political capital. Cyprus and Saudi Arabia would benefit from a closer and stronger trade
and foreign direct investment relationship that would amplify growth and prosperity,
in both the short and long term. This
is why we have applauded the creation
of the Cyprus-Saudi Arabia Business
Association, which itself supports the
concrete steps that need to be taken
toward deepening the commercial/
business relationship between our two
countries. Moreover, it is with great
pleasure that we recently witnessed
the signing of the creation of the Saudi-
Cyprus Business Council, which will
involve business people from both
countries, and we are confident it will
create a mutually beneficial framework to
foster the bilateral flow of goods, services,
and investments.
IThe positive state of our
bilateral relations offers a
unique opportunity to build
momentum to deepen economic
ties in this longstanding and
enduring partnership. Deepening
the economic relationship
would pay dividends in other
areas as well, translating
into greater opportunities for
strategic bilateral cooperation