RIYADH — Riyadh will witness the inauguration of the first European Chamber of Commerce in the Gulf region on May 8, marking a significant milestone in shaping the future of trade cooperation between the European Union (EU) and Saudi Arabia. Described as "historic" by the official website of the European Chamber of Commerce in Saudi Arabia, the event signifies a pivotal moment in fostering economic ties. The European Chamber of Commerce in Saudi Arabia (ECCKSA) aims to become the voice of European business in the GCC countries, supported by the EU. With a focus on facilitating market access for member companies, it promises fair opportunities for both European and Saudi enterprises. Sectorial committees will address various industry-specific issues, providing insights and recommendations to improve market access and contribute to the long-term economic prosperity of Saudi Arabia. The establishment of the chamber follows agreements made during the Saudi-European Investment Forum last October, emphasizing the importance of coordination between the EU and Saudi Arabia in driving economic transformations. Saudi Investment Minister Khalid Al-Falih highlighted the significant growth in trade exchanges between Saudi Arabia and the European Union, reaching approximately $80 billion in 2022. This growth is accompanied by increased foreign direct investment, with around 1,300 European companies investing in various sectors of the Saudi economy. European Commission Executive Vice President Maros Sefcovic emphasized the mutual interest in continuing interactions on multilateral trade policy agendas, including the World Trade Organization. The total trade between the European Union and Saudi Arabia amounted to 75 billion euros in 2022, with foreign direct investment reaching 55 billion euros in 2021.
