A high-level delegation from the Kingdom of Saudi Arabia, including key government and private sector figures, will travel to Madrid today to represent the Kingdom at the third Saudi-Spanish Joint Committee (SSJC) as Saudi Arabia and Spain look to further strengthen their longstanding bilateral relations. The SSJC was established in 2007, and the last committee meeting was hosted in Riyadh in 2018. The committee aims to enhance and promote collaboration and cooperation across all sectors in both countries. The Kingdom's delegation, led by the Minister of Economy and Planning and includes representatives from the Ministry of Energy, Ministry of Sport, Ministry of Finance, Ministry of Investment, Ministry of Tourism, Ministry of Industry and Mineral Resources, Ministry of Health, Ministry of Transport and Logistic Services, Ministry of Environment, Water and Agriculture, Zakat, Tax and Customs Authority, General Authority for Foreign Trade, Royal Commission for Jubail and Yanbu, Saudi Export Development Authority, National Industrial Development, and Logistics Program. Speaking ahead of the SSJC, Faisal bin Fadhil Alibrahim, Minister of Economy and Planning for the Kingdom of Saudi Arabia, said: "International partnerships are key to accelerating sustainable economic development at home and abroad. In the Kingdom, we remain committed to enhancing local, regional, and international ties through mutually beneficial and inclusive relationships. Through investments, cultural exchanges, knowledge, and technology transfer, we are embracing global collaboration to unlock the vast potential of our evolving economy." Alibrahim added: "Spain remains a key international partner in Saudi Arabia's transformation journey under Saudi Vision 2030, as we seek to deepen the impact of our longstanding bilateral relations, to provide a secure and prosperous economic future for all." Despite the slowdown in global trade affected by the pandemic, bilateral trade between Saudi Arabia and Spain has recovered quickly. In the 12 months between 2020 and 2021, the bilateral trade grew by SAR3.8 billion, to reach SAR20.3 billion, according to the latest data from the General Authority for Statistics (GASTAT). In 2021, Saudi exports to Spain reached a value of SAR11.4 billion ($3 billion), while Spanish imports to Saudi were valued at SAR8.9 billion ($2.34 billion). The two countries are also working together on several initiatives to foster economic growth. The SSJC, which is taking place on October 20, 2022, has a varied itinerary including the official third meeting of the SSJC, meetings of the Saudi-Spanish Business Forum and Saudi-Spanish Business Council, several bilateral meetings with Spanish ministers and officials, and site visits to key Spanish private sector establishments.
