The chancellor Santiago Cafiero and his Saudi Arabian counterpart, Prince Faisal Bin Farhan Al Saud, highlighted this Saturday the importance of explore new trade and investment opportunities between the two countries, in a meeting held at the Palacio San Martín.
As officially reported, both officials at the meeting analyzed the cooperation initiatives, in technology and knowledge economy (software and biotechnology industry), which “constitute a sector with high potential for Argentina that generates value, exports and qualified employment.”
They also highlighted “the importance of partnerships between companies from both countries in sectors such as agriculture, automotive, petrochemical and veterinary medicine, mining and energy “.
Saudi Arabia is a key partner of Argentina in the Middle East, for being an international political actor “very relevant and highlighting its global contribution in favor of sustainable economic development,” said a statement from the Foreign Ministry.
With a surplus trade balance for our country, between January and September 2021, exports totaled USD 705 million.
Argentina still has the potential to increase them, mainly in processed food products and in non-traditional sectors. pic.twitter.com/XQbDxlYeP9
– Santiago Cafiero (@SantiagoCafiero) November 27, 2021
Cafiero and Al Saud had already held previous meetings within the framework of the G20 that was held on October 31 in Rome.
The foreign ministers also valued the projects of the Saudi Fund for Development destined to agricultural production with new related technologies, with different degrees of advance in the provinces of Mendoza, Córdoba and Santa Fe, and advance in new investments in our country.
They also discussed the need to continue working on the nuclear cooperation that has worked positively between both countries.
With a historically surplus trade balance for the country, Between January and September 2021, Argentine exports to the Kingdom totaled US $ 705 million, while imports from Saudi Arabia were US $ 163 million, so the favorable balance for Argentina in this period was US $ 542 million.
“This bilateral trade is key for the economic development of Argentina and for the food security of the Kingdom of Saudi Arabia,” they highlighted at the Palacio San Martín.
The ministers also agreed on the need to expand exchanges, with the objective of opening markets for products with higher added value, given that “Argentina has the potential to increase exports of processed food products, as well as opportunities in non-traditional sectors.”
Both parties highlighted the “excellent” bilateral relations that both countries have maintained for many years, while – for his part – Prince Al Saud transmitted the invitation for Cafiero to travel to Saudi Arabia soon.
