The inauguration of the first European Chamber of Commerce in the Gulf region in Riyadh marks a milestone, indicating a significant stride towards enhancing economic cooperation between the European Union (EU) and Saudi Arabia.

Established with the backing of the EU, the European Chamber of Commerce in Saudi Arabia (ECCKSA) aims to become a voice for European businesses operating within the Gulf Cooperation Council (GCC) countries. 

ECCKSA promises to create a level playing field for European and Saudi enterprises by facilitating market access for its members. Sector-specific committees will address industry challenges, providing valuable insights and recommendations to improve market accessibility and contribute to Saudi Arabia’s long-term economic growth.

This development follows agreements reached during the Saudi-European Investment Forum last year, highlighting the growing importance of EU-Saudi collaboration in driving economic transformation.

Saudi Investment Minister Khalid Al-Falih pointed to the impressive surge in trade exchanges, with the value reaching nearly $80 billion in 2022. 

This growth is further strengthened by a rise in foreign direct investment, with over 1,300 European companies actively investing across various sectors of the Saudi economy.

Echoing this sentiment, European Commission Executive Vice President Maros Sefcovic stressed the mutual desire for continued engagement on international trade policy initiatives, including those under the World Trade Organization.

Total trade between the EU and Saudi Arabia reached $80.7 billion in 2022, with foreign direct investment exceeding $59 billion in 2021. The inauguration of ECCKSA signifies a commitment to further strengthening these ties, paving the way for a prosperous future for both regions.