RIYADH – On Wednesday, Riyadh witnessed the inauguration of the European Chamber of Commerce in Saudi Arabia, heralding a new era of economic collaboration between Europe and the Kingdom.
The event drew distinguished attendees, including Ibrahim Al-Mubarak, Assistant Minister of Investment; Luigi Di Maio, EU Special Representative for the Gulf; and Christophe Farnaud, EU Ambassador to Saudi Arabia, Oman, and Bahrain.
According to a press release from the EU, the chamber is poised to serve as a pivotal platform for enhancing business cooperation, fostering trade and investment, and harmonizing regulatory frameworks.
Aligned with the strategic partnership between the EU and the Gulf Cooperation Council announced in May 2022, the establishment of ECCKSA represents a significant stride toward fortifying economic ties between the EU and Saudi Arabia.
Di Maio expressed optimism about the future, stating, “The establishment of the ECCKSA signifies a landmark moment in EU-Saudi relations. This initiative will play a vital role in deepening our economic integration, becoming a cornerstone for European companies venturing into the Kingdom and vice versa.”
He emphasized the potential of the chamber to facilitate joint ventures, bolster trade, and catalyze investments, envisioning substantive and sustainable progress in the coming years.
Al-Mubarak underscored the alignment of ECCKSA’s endeavors with Saudi Arabia’s Vision 2030, underscoring the prospect of fresh business opportunities in non-oil sectors.
“The launch of the European Chamber of Commerce in Saudi Arabia is a significant milestone in the burgeoning economic partnership between the Kingdom and the EU,” he remarked. With European foreign direct investment stock nearly doubling to SR218.5 billion ($58.26 billion) over the past half-decade, the ECCKSA is poised to unlock new frontiers for cross-border trade and collaboration, aligning with Saudi Arabia’s economic diversification goals.
The inaugural event featured a panel discussion titled “ECCKSA: Shaping the Future of EU-KSA Business Collaboration,” where experts deliberated on strategies for strengthening economic ties and exploring new avenues for partnership.
Among the panelists were Leon Delvaux, Acting Director at the EU; Lama Alghrair, Director of Investor Intelligence at the Ministry of Investment; Thomas Juergensen, Head of Trade and Economic Affairs for Saudi Arabia, Bahrain, Oman, and Qatar; and Lorcan Tyrrell, Chairman of ECCKSA. Together, they outlined the envisaged impact of ECCKSA on European and Saudi business communities.
At the ceremony, ECCKSA’s license was officially conferred by the Ministry of Investment in Saudi Arabia.
Kristijonas Gedvilas, CEO of ECCKSA, articulated the chamber’s commitment to not only enhancing economic ties but also nurturing a dynamic business ecosystem aligned with a shared vision.
“Our immediate focus will be on broadening our membership base, actively engaging businesses, and furnishing them with invaluable resources and opportunities conducive to growth and innovation across both regions,” he affirmed.
ECCKSA aims to spearhead initiatives that empower its members while fostering economic prosperity in both regions.
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