Trade between Tunisia and Saudi Arabia is still below expectations, according to the President of the Federation of Saudi Chambers, Hassan Al-Huwaizi
In 2022, Tunisia ranked 54th in the list of countries receiving Saudi exports and 77th in the list of Saudi imports, he said on Wednesday at the Tunisian-Saudi Investment and Partnership Forum, held on the occasion of the 11th session of the Tunisian-Saudi Joint Commission.
The Saudi official said his country’s exports to Tunisia have only increased by an average of 21 million dollars over the last five years, rising from 325 million dollars in 2018 to 416 million dollars in 2020,
The current Forum is an opportunity to boost trade between the two countries, given that reviving investment partnerships is one of the main priorities, he added.
For his part, the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, highlighted the presence of a large Saudi delegation, with more than 100 representatives from the private sector, pointin
g out that this testifies to the interest they have in investment in Tunisia.
The Minister talked about Saudi Arabia’s vision for 2030, of which complementarity between countries is one of the components.
“This complementarity will be reflected in investment in several sectors, such as the automotive industry, renewable energies, medicines and food safety”.
For her part, Sihem Boughdiri Nemsia, Minister of Finance and acting minister of the economy and planning, highlighted the presence of Saudi companies in Tunisia.
These companies number 50 and employ more than 7,500 people, she pointed out.
Among the investment niches in Tunisia, the Minister cited renewable energies, tourism, digital services, high value-added industries such as the automotive components and aeronautics sectors, the agri-food industry and the pharmaceutical industry.
Speaking at the event, Samir Majoul, President of the Tunisian Confederation of Industry, Trade and Handicrafts (UTICA) expressed the hope that the pace of investment a
nd the presence of Saudi businessmen would be stepped up in Tunisia “to reach, why not, the level of Saudi investment worldwide”.
“The creation of direct Saudi or Tunisian-Saudi investment projects will benefit both parties, particularly in promising sectors such as agriculture, the food industry, pharmaceuticals, health, the pharmaceutical industry, renewable energies, water desalination, as well as green hydrogen, digitisation and the financial sector”, Majoul added.
He also called for the legislative framework governing bilateral economic cooperation to be reformed, and for advantage to be taken of the experience of the two countries in several sectors, whether between the two governments, or between businesspeople from the two countries and UTICA in coordination with the Federation of Saudi Chambers, with which the employers’ association has historic relations.
Investment projects to be carried out in the two countries in the fields of energy, logistics services, industry and agriculture were at the ce
ntre of the meeting of the Tunisian-Saudi Business Council, according to the head of the Saudi side of the council Omar Al Ajaji.
For his part, Mohamed Kooli, President of the Tunisian side, pointed out that Tunisia will present, by the first half of 2024, investment projects, either locally or within the framework of a triangular partnership in Africa, Europe and Asia.
During the first 11 months of 2023, the volume of trade between Tunisia and Saudi Arabia was $258 million. Tunisia’s exports are worth around 39.5 million dollars (down 0.2% on 2022), while imports are worth 218 million dollars (down 0.5% on 2022).
Source: Agence Tunis Afrique Presse