Saudi Arabia, Tanzania Sign Trade Agreements and Establish Joint Business Council

The Federation of Saudi Chambers of Commerce and the Tanzania Chamber of Commerce, Industry And Agriculture (TCCIA) signed an agreement to establish a joint Saudi-Tanzanian business council, marking a significant stride towards enhancing economic cooperation between the two countries.

 The signing ceremony took place in Dar es Salaam on the sidelines of the Saudi-Tanzanian Roundtable meeting held yesterday, in which ministers, officials, and business leaders from both countries took part.

 During the meeting, discussions revolved around exploring partnership opportunities in vital sectors such as ports, agriculture, and transportation. The event also witnessed the signing of trade agreements between Saudi and Tanzanian companies across various economic sectors.

 The joint business council will offer a platform for Saudi and Tanzanian businesspeople to showcase and promote their activities, forge effective investment partnerships, and create new avenues for economic cooperation. It will facilitate continuous interactions between the business sectors of both countries, enabling the exchange of information on opportunities and markets, as well as the organization of conferences and trade delegation visits.

 The trade volume between Saudi Arabia and Tanzania surged to SAR5.5 billion in 2023, with SAR5.4 billion in Saudi exports and SAR118 million in Tanzanian imports.