Saudi Arabia and Belarus are set to bolster their trade and investment ties with the signing of a new memorandum of understanding.
The MoU, signed between the Federation of Saudi Chambers and Belarus’ National Center for Marketing and Price Studies, includes exchanging information related to trade, investments, production, and export opportunities.
This will support Saudi Arabia and Belarus-based companies to expand targeted markets, organize joint research activities in marketing to improve trade prospects, and further explore areas of cooperation.
The deal aims to facilitate participation in trade fairs, holding economic events and forums, and exchanging trade delegations.
According to the MoU, the two parties will collaborate to offer assistance to investors, foster business connections, organize online training seminars, and share insights on the implementation of information technology and digital transformation in trade promotion, the Saudi Press Agency reported.
It aims to facilitate opportunities for companies from both nations to access markets in a mutually beneficial manner.
The agreement was signed by the acting secretary of FSC, Waleed Alorainan, and Mikalai Barysevich, the director of Belarusian center for marketing and price studies.
On Jan. 7, King Salman and Crown Prince Mohammed bin Salman received letters from Belarus President Aleksandr Lukashenko.
The letters dealt with bilateral relations and ways to support and enhance them in diverse fields.
The documents were handed over to Saudi Foreign Minister Prince Faisal bin Farhan during a meeting with his Belarusian counterpart Sergei Aleinik in Riyadh.
During the meeting, the top officials discussed relations between the two countries and ways to enhance them in various areas.