Trade ties between Saudi Arabia and Australia are expected to strengthen following the signing of an agreement to enhance cooperation across various sectors.
The memorandum of understanding was signed between the Australia Saudi Business Council & Forum and the Export Council of Australia, according to a press statement.
The agreement will focus on cooperation in industry, mining, food, agriculture, technology, and artificial intelligence.
This deal will expand opportunities for Australian exporters to collaborate with Saudi entities, thereby enhancing bilateral cooperation.
The President of the Australia Saudi Business Council & Forum, Sam Jamsheedi, and Arnold Jorge, CEO of the Export Council of Australia, signed an agreement during Arnold Jorge’s visit to the Kingdom with a delegation.
Sam Jamsheedi said, “Under this strategic partnership, we will seek to work together closely in identifying initiatives that facilitate connections between Australia and Saudi Arabia.”
According to the UN Comtrade database, Australia’s exports to Saudi Arabia totalled $789.65 million in 2023. In the same period, the Kingdom’s exports to Australia amounted to $702.75 million.
“We will combine our resources and networks to boost the success of collaborations and partnerships between relevant organisations and individuals of our two countries,” Arnold Jorge noted.
In 2013, the Australia Saudi Business Council was established to promote ongoing and bilateral trade between the two nations.
In November, Saudi-based company Abdel Hadi Al-Qahtani and Sons Co. and Australia’s SSS Group signed a $27 million deal to collaborate in the production of scaffolding systems in Saudi Arabia using local resources.
Australian Ambassador Mark Donovan stated that the cooperation agreement strengthens the existing investment ties between both countries in various sectors, including education, health care, aviation, and services.
“A new and transformed Saudi Arabia is looking for business relationships around the world, and that’s what we’re very pleased to be a part of,” said Mark Donovan at that time.
In March, the University of Wollongong in Australia obtained licenses to establish branches in the Kingdom.