The ensemble of foreign business councils in Saudi Arabia has recently grown to encompass 70 councils, following the establishment of 30 new entities. This expansion was announced by the president of the Federation of Saudi Chambers at a recent gathering at their headquarters.
The president, Hassan Al-Huwaizi, indicated that this enlargement is set to bolster the Kingdom’s commercial and investment ties with a network of over 124 countries worldwide. This information was disseminated by the Saudi Press Agency.
Al-Huwaizi pointed out that this initiative is part of a broad developmental scheme aimed at enhancing the functionality of these councils. The endeavor is also in sync with the objectives set forth by the Kingdom’s Vision 2030.
In line with Vision 2030’s targets, the project is designed to foster effective trade and investment partnerships that amplify the private sector’s role in international commerce.
Key components of this initiative include conducting quarterly meetings for business councils, drawing in prominent companies and investors, and increasing the participation of women, entrepreneurs, and small to medium-sized enterprises within the councils.
Additionally, efforts will be made to improve the councils’ funding sources and provide comprehensive support—technical, logistical, informational, and human—to bolster their activities. This is all part of a strategic plan aligned with each country’s specific economic objectives.
Discussions during the meeting also revolved around the necessity for coordination between councils and pertinent authorities, especially in the context of forums and international delegations.
The council heads deliberated on reinforcing their stature as representatives of Saudi Arabia’s private sector on foreign soil, enhancing their active membership, and augmenting the proportion of government investment agreements. There was also a call for bolstering their operations through the Federation’s executive branch.
The strategy also includes providing councils with the economic data needed to empower them financially and to overcome challenges in coordination with international counterparts, while also capitalizing on each country’s unique economic strengths.
Founded in 1980, the Federation of Saudi Chambers serves as the sole legitimate umbrella organization for the Saudi business community, representing various groups, sectors, and regions. It is dedicated to advocating for the shared interests of these entities, both domestically and internationally, as well as promoting their involvement in the national economic growth.