Saudi Economy, Planning Ministry, Comoros Economy, Industry, Investment Ministry Sign MoU

Riyadh, November 29, 2024 – In a significant step toward enhancing bilateral relations, the Saudi Ministry of Economy and Planning and the Ministry of Economy, Industry, and Investment of the Union of the Comoros signed a Memorandum of Understanding (MoU) to establish a framework aimed at strengthening and diversifying economic cooperation between the two nations. The MoU, signed by Faisal Alibrahim, Saudi Minister of Economy and Planning, and Moustoifa H. Mohamed, Minister of Economy, Industry, and Investment of the Comoros, outlines a series of key objectives designed to foster long-term economic collaboration built on mutual interests.

The primary focus of the MoU is to enhance knowledge exchange, which will serve as a foundation for boosting economic cooperation in various sectors. The agreement places a strong emphasis on fostering communication and cooperation between government entities, as well as between the private sectors of both countries. Through this partnership, both nations aim to create opportunities for dialogue, investment, and shared expertise, ultimately facilitating mutual economic growth and development.

Another key aspect of the MoU is its commitment to supporting the participation of small and medium-sized enterprises (SMEs) in bilateral economic activities. Recognizing the vital role of SMEs in driving economic growth, both Saudi Arabia and the Comoros are committed to creating opportunities for these businesses to engage in cross-border trade, investment, and collaboration. The agreement also seeks to facilitate visits, communications, and the organization of events that will encourage interaction between individuals, officials, and economic institutions, thereby strengthening the ties between the two nations.

This MoU marks a significant milestone in the growing partnership between Saudi Arabia and the Union of the Comoros, reflecting both countries’ shared commitment to economic diversification and long-term development. By promoting a cooperative environment focused on knowledge exchange and SME participation, the agreement lays the groundwork for a thriving economic relationship that will benefit both countries in the years to come.