On Monday, the Honourable Maninder Sidhu, Minister of International Trade, welcomed Khalid Al-Falih, Saudi Arabia's Minister of Investment, and a delegation of government officials and business executives to Ottawa.
As Canada is strengthening its economic ties with partners around the world, Minister Sidhu and Minister Al-Falih took this opportunity to announce the launch of negotiations for a Foreign Investment and Protection Agreement between Canada and Saudi Arabia. They also announced the reactivation of the Joint Economic Commission, a treaty-based mechanism to promote trade and economic initiatives of mutual benefit. Finally, Minister Sidhu and Minister Al-Falih welcomed the October 23 signing of a memorandum of understanding between Export Development Canada and the Saudi EXIM Bank.
This increased partnership between Canada and Saudi Arabia will boost business opportunities, increase bilateral trade and unlock export opportunities and investments in Canadian and Saudi Arabian companies alike.
During a bilateral meeting, Minister Sidhu and Minister Al-Falih discussed future strategic sector partnerships between Canadian and Saudi Arabian companies, including in the areas of artificial intelligence and frontier technologies, healthcare, infrastructure, mining, defence, and creative industries.
The ministers also met with business leaders and industry stakeholders, participated in a business round table with Invest in Canada and focused on deepening Canada-Saudi relations by highlighting commercial success stories between Canadian and Saudi companies.
