Saudi Arabia, Costa Rica sign deals to boost trade ties

RIYADH: Saudi Arabia and the Republic of Costa Rica on Tuesday signed two cooperation agreements to increase the volume of trade and investment between the two countries, the Saudi Press Agency reported.

The deals were signed during a meeting between prominent members of the Saudi business community and a Costa Rican delegation led by the country’s Foreign Minister Dr. Arnoldo Andre Tinoco.

The Federation of Saudi Chambers and the Costa Rican Export Authority signed two agreements to boost economic cooperation and establish a joint business council to explore and identify investment opportunities in both countries.

The Costa Rican foreign minister expressed his country’s desire to strengthen economic ties with Saudi Arabia and described the establishment of the joint business council as the starting point in that direction.

He called on the Saudi business community to explore investment opportunities in Costa Rica and benefit from the incentives the country offers to foreign investors.

Badr bin Suleiman Al-Ruzaiza, vice president of the Federation of Saudi Chambers, highlighted the growing economic ties between the two countries. He noted the volume of trade exchange increased by 59 percent to reach SR355 million ($95 million) in 2021. 

The undersecretary for communication with investors at the Ministry of Investment, Badr bin Ibrahim Al-Badr, said a Saudi delegation comprising officials and representatives of the private sector will visit Costa Rica in near future to explore investment opportunities in different sectors particularly renewable energy, tourism and agriculture.

During the meeting, both sides gave presentations on the available investment opportunities in different sectors.

Tinoco also held a meeting with Saudi Minister of Economy and Planning Faisal Al-Ibrahim during which they discussed ways to strengthen economic ties. The ministers also reviewed issues of mutual interest.


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