Saudi Arabia has launched a new business council to deepen its economic ties with Central and Eastern Europe (CEE) and tap into emerging investment prospects in the region, the Saudi Press Agency reported.
The Federation of Saudi Chambers has announced the council’s establishment for the 2024-28 term, under its Vision 2030 initiative, as the Arab country seeks to diversify its economy by identifying opportunities and building stronger trade relationships.
Chairman Hashem Al-Zahrani said the council will expand collaboration with CEE markets and open doors for Saudi investors to various sectors across the region.
Polish relations in particular focus
Saudi Arabia recently launched a separate Saudi-Polish Business Council for the same 2024-28 period, with Abdullah bin Mohammed Abu Dubeil appointed as its head with a focus on leveraging Poland’s strategic position and economic strength, particularly in the food security and technology sectors, where Polish firms have shown interest in expanding operations by establishing a presence in Saudi Arabia.
Poland’s GDP was approximately USD 205bn in 2022, while trade between it and Saudi Arabia was around USD 9bn the following year. Saudi Arabia’s main exports to Poland are mineral products and plastics, while Poland’s main exports to Saudi Arabia include tobacco, tobacco substitutes, machinery and electric appliances.
Several Polish companies into the Saudi market last year, such as IT firms Comarch and Asseco, as well as companies in the food, cosmetics, and fashion sectors.
Poland’s ambassador to Saudi Arabia Robert Rostek noted that bilateral trade reached USD 7.9bn in 2023, making Saudi Arabia Poland’s largest trading partner among Arab nations.
Rostek also recalled visits by Polish officials to Saudi Arabia in 2023, including then Polish prime minister Mateusz Morawiecki. Senior Saudi officials, including Economy Minister Faisal Al-Ibrahim and Transport Minister Saleh Al-Jasser visited Poland to sign agreements including a bilateral air transport deal enabling direct flights between Riyadh and Warsaw. The new five-year Schengen visa for Saudi citizens will boost bilateral tourism and trade links.
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