GAFT Approves New Saudi-Foreign Business Councils

The General Authority of Foreign Trade (GAFT) has approved the final formation of several joint Saudi-foreign business councils for its new 1445-1449 term, as announced on July 10, 2024. The decision, reported by the Saudi Press Agency (SPA), appoints key Saudi business leaders to chair councils with Canada, Nigeria, and Indonesia, reinforcing the Kingdom’s commitment to expanding international trade and economic cooperation under Vision 2030.

Context and Background

Joint business councils are collaborative platforms that bring together representatives from Saudi Arabia’s private sector and their counterparts in other countries to enhance trade and investment ties. GAFT, the government body responsible for supervising these councils, currently oversees 43 bilateral and regional business councils. These councils play a vital role in facilitating dialogue, identifying opportunities, and resolving challenges faced by businesses operating across borders. The new term’s formation aligns with Saudi Arabia’s broader strategy to diversify its economy and strengthen global partnerships.

Key Details

Under the approved formation, Mohammed bin Nasser Al-Dulaim has been appointed chairman of the Saudi-Canadian Business Council and its executive committee. Abdullah bin Salem Al-Mukhlis and Abdullah bin Ahmed Al-Ahmed will serve as vice chairmen. For the Saudi-Nigerian Business Council, Sultan bin Mahdi Al-Qahtani takes the helm as chairman and executive committee head, with Nasser bin Abdulaziz Al-Sudais and Sultan bin Khalid Al-Turki as vice chairmen. The Saudi-Indonesian Business Council will be led by Ayman bin Amin Sajini as chairman and executive committee head, supported by vice chairmen Osama bin Abdullah Gogandi and Saleh bin Abdullah Al-Qabaa. These appointments reflect the Kingdom’s focus on leveraging experienced business leaders to drive economic diplomacy.

Implications and Impact

The establishment of these councils is expected to deepen trade and investment flows between Saudi Arabia and Canada, Nigeria, and Indonesia. Canada is a key partner in sectors such as energy, technology, and agriculture, while Nigeria and Indonesia represent significant markets in Africa and Southeast Asia, respectively. By facilitating direct engagement between business communities, the councils aim to unlock new opportunities, streamline regulations, and foster joint ventures. This move also supports Saudi Arabia’s goal of becoming a global investment hub and enhancing its non-oil exports, a core objective of Vision 2030.

Vision 2030 Alignment

The formation of these joint business councils directly supports Saudi Arabia’s Vision 2030, which seeks to diversify the economy, increase foreign investment, and expand international trade. By strengthening ties with key global partners, the Kingdom is advancing its strategic goal of becoming a leading economic player and a bridge between continents. These councils will play a pivotal role in realizing the aspirations of Vision 2030, driving sustainable growth and prosperity for Saudi Arabia and its international partners.

20 Questions

Q1. What did the General Authority of Foreign Trade approve?

A1. The General Authority of Foreign Trade approved the final formation of several joint Saudi-foreign business councils for the new 1445-1449 term, as announced on July 10, 2024.

Q2. Who has been appointed chairman of the Saudi-Canadian Business Council?

A2. Mohammed bin Nasser Al-Dulaim has been appointed chairman of the Saudi-Canadian Business Council and its executive committee.

Q3. Who are the vice chairmen of the Saudi-Canadian Business Council?

A3. Abdullah bin Salem Al-Mukhlis and Abdullah bin Ahmed Al-Ahmed will serve as vice chairmen of the Saudi-Canadian Business Council.

Q4. Who leads the Saudi-Nigerian Business Council?

A4. Sultan bin Mahdi Al-Qahtani has been appointed chairman of the Saudi-Nigerian Business Council and its executive committee.

Q5. Who are the vice chairmen of the Saudi-Nigerian Business Council?

A5. Nasser bin Abdulaziz Al-Sudais and Sultan bin Khalid Al-Turki will serve as vice chairmen of the Saudi-Nigerian Business Council.

Q6. Who is the chairman of the Saudi-Indonesian Business Council?

A6. Ayman bin Amin Sajini has been appointed chairman of the Saudi-Indonesian Business Council and its executive committee.

Q7. Who are the vice chairmen of the Saudi-Indonesian Business Council?

A7. Osama bin Abdullah Gogandi and Saleh bin Abdullah Al-Qabaa will serve as vice chairmen of the Saudi-Indonesian Business Council.

Q8. What is the role of the General Authority of Foreign Trade?

A8. The General Authority of Foreign Trade supervises joint business councils with other countries and works to enhance Saudi Arabia’s international trade relations.

Q9. How many joint business councils are currently in operation?

A9. There are currently 43 bilateral and regional business councils in operation, supervised by the General Authority of Foreign Trade.

Q10. What is the purpose of joint business councils?

A10. Joint business councils facilitate collaborative meetings between Saudi and foreign business representatives to boost trade and investment, and to address mutual business interests.

Q11. What term do the newly formed councils cover?

A11. The newly formed councils cover the 1445-1449 Hijri term, as approved by the General Authority of Foreign Trade.

Q12. When was the formation approved?

A12. The formation was approved on July 10, 2024, as reported by the Saudi Press Agency.

Q13. Which countries are involved in the new councils?

A13. The new councils involve Canada, Nigeria, and Indonesia, with separate councils for each country.

Q14. How do these councils benefit Saudi Arabia’s economy?

A14. They enhance trade and investment flows, support economic diversification, and help increase non-oil exports, aligning with Vision 2030 goals.

Q15. What sectors are of interest in the Saudi-Canadian Business Council?

A15. The Saudi-Canadian Business Council focuses on sectors such as energy, technology, and agriculture, where both countries have mutual interests.

Q16. Why are Nigeria and Indonesia important partners for Saudi Arabia?

A16. Nigeria and Indonesia are significant markets in Africa and Southeast Asia, offering opportunities for trade and investment in various sectors.

Q17. How do joint business councils operate?

A17. They operate as collaborative platforms where Saudi and foreign business representatives meet regularly to discuss trade and investment opportunities.

Q18. What is the significance of these appointments?

A18. The appointments bring experienced Saudi business leaders to drive economic diplomacy and strengthen international partnerships.

Q19. How does this initiative support Vision 2030?

A19. It supports Vision 2030 by expanding international trade, attracting foreign investment, and diversifying the economy away from oil.

Q20. What can be expected from these councils in the future?

A20. They are expected to deepen economic ties, facilitate joint ventures, and contribute to sustainable growth for Saudi Arabia and its partners.

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