Saudi Arabia, Poland set up business council to strengthen economic ties

JEDDAH: Saudi Arabia and Poland have established a joint business council for the 2024-2028 term to boost trade and investment between the two countries.

The Kingdom’s General Authority for Foreign Trade has finalized the formation of the Saudi-Polish Business Council, appointing Abdullah bin Mohammed Abu Dubeil as chairman and head of the executive committee. Fares bin Hazem Zaqzouq and Musab bin Ahmed Al-Mazeed will serve as vice chairmen, assisting Abu Dubeil in his roles, the Saudi Press Agency reported.

This move is part of Saudi Arabia’s broader strategy to deepen economic ties with Europe, with a particular focus on Poland, one of the continent’s largest economies. Poland has seen impressive growth in its agri-food sector, with exports reaching a record €47.9 billion ($51.1 billion) in 2023 — a €10 billion increase from the previous year.

In 2023, trade between Saudi Arabia and Poland amounted to around $9 billion. Saudi Arabia’s primary exports to Poland include mineral products and plastics, while Poland’s main exports to Saudi Arabia consist of tobacco, manufactured tobacco substitutes, machinery, and mechanical appliances.

The Saudi-Polish Business Council will enhance cooperation between businesses in both countries, aiming to expand trade and investment. GAFT oversees 46 bilateral and regional business councils, each designed to strengthen international economic partnerships.