Tbilisi, October 3, 2024 – The Saudi-Georgian Business Forum, organized by the Federation of Saudi Chambers (FSC), convened today in Tbilisi, marking a significant milestone in fostering trade and investment relations between Saudi Arabia and Georgia. The forum attracted over 200 participants from both countries, including prominent business leaders and officials, reflecting a robust commitment to enhancing bilateral economic ties.
Key figures at the event included FSC President Hassan bin Moejeb Al-Huwaizi, Chairman of the Saudi Business Council Ahmed Al-Dakhil, and Saudi Ambassador to Georgia Salman Al-Sheikh. Their presence underscored the importance of the forum in facilitating discussions on mutual interests and potential collaborations.
The forum served as a platform to explore promising investment opportunities across various sectors, particularly in transportation, logistics services, agriculture, tourism, real estate, infrastructure, and renewable energy. Al-Huwaizi emphasized the need for a visionary approach to investment and trade partnerships, urging participants to leverage the incentives available in both the Kingdom and Georgia. He also called for a thorough examination of the factors contributing to the currently low trade exchange volume between the two nations.
Echoing this sentiment, Al-Dakhil highlighted the necessity of addressing existing challenges that hinder the development of trade and investment relations. He stressed that removing these obstacles would facilitate increased bilateral trade and encourage joint investments, ultimately benefiting both economies.
The Saudi-Georgian Joint Business Council, which convened alongside the forum, played a pivotal role in discussing strategic plans and initiatives aimed at strengthening economic ties. The council's discussions focused on actionable steps that can be taken to enhance collaboration and expand the scope of trade.
Currently, trade exchange between Saudi Arabia and Georgia stands at approximately SAR 162 million for the year 2023, with Saudi exports accounting for 31% of this total and Georgian imports representing 69%. This business forum aims to elevate trade exchange to levels that align with the aspirations of both nations, paving the way for future growth and collaboration.
Overall, the Saudi-Georgian Business Forum represents a crucial step towards solidifying a partnership that holds the potential to transform the economic landscape for both countries, fostering a new era of cooperation and mutual benefit.
