A new economic chapter has been initiated as Saudi Arabia and Belarus inked a Memorandum of Understanding (MoU) on Monday, aimed at amplifying investment and bolstering trade connections between the two nations.
This strategic alliance was formalized by the Federation of Saudi Chambers and the Belarusian National Centre for Marketing and Price Study, part of the Ministry of Foreign Affairs of Belarus. This partnership is poised to support Saudi and Belarusian companies in their quest to widen their market reach.
The MoU paves the way for a collaboration where both countries will exchange vital information regarding trade, the business climate, investment opportunities, and production and export capabilities, as reported by the Saudi Press Agency (SPA).
Additionally, Saudi Arabia and Belarus are set to conduct joint studies to enhance trade prospects and identify avenues to strengthen cooperation. Activities will include the facilitation of participation in trade exhibitions, the organization of economic events and forums, and the exchange of trade missions.
The agreement further stipulates that both nations will provide investor support, establish business connections, conduct training seminars, and share expertise, particularly in the utilization of information technology to advance trade.