01 Aug 2024
RIYADH: Trade between Saudi Arabia and Chile is poised for growth with a new agreement between Saudi EXIM Bank and InvestChile that seeks to strengthen cooperation and boost non-oil exports.
The memorandum of understanding, signed in the presence of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Secretary General of Foreign Affairs at the Chilean Ministry of Foreign Affairs Rodrigo Olsen, aims to enhance economic cooperation and create new investment and industrial opportunities.
InvestChile is the government agency that promotes the South American nation as a destination for foreign direct investment.
The partnership is set to broaden business relations, with a particular focus on enhancing Saudi non-oil exports to the South American market, according to a statement by the EXIM bank.
The development comes as economic relations between the two countries strengthen, with trade reaching approximately $780 million in 2023.
Chilean exports to the Kingdom totaled $570 million, while exports to Chile amounted to $210 million, according to the Saudi-Chilean Chamber of Commerce.
During his official visit to the South American nation, Alkhorayef met with his Chilean counterpart Aurora Williams to discuss the minerals supply chain, water issues, and lithium.
This is part of the Kingdom’s broader efforts to elevate the mining sector as a key component of its economy, with an estimated $2.5 trillion in untapped mineral resources.
Alkhorayef also participated in a round-table meeting organized by his ministry in collaboration with the Federation of Chilean Industry, known as SOFOFA.