RIYADH — Saudi Arabia and Costa Rica signed here Tuesday two cooperation agreements to increase the volume of trade and investment exchanges between the two countries, within the framework of the meeting of the Minister of Foreign Affairs of Costa Rica, Dr. Arnoldo André Tinoco and his accompanying delegation with the Saudi businesspersons.

The Federation of Saudi Chambers (FSC) and the Costa Rican Export Authority signed two agreements in the field of economic cooperation between the Kingdom and the Republic of Costa Rica and the establishment of a joint business council between the business sectors of the two countries.

Dr. Arnoldo expressed during the meeting his country’s desire to strengthen its economic relations with the Kingdom, considering that the formation of a joint business council is the starting point for strong economic relations, calling on Saudi business owners to explore the huge investment opportunities in Costa Rica, and benefit from investment advantages and incentives offered to foreign investors.

For his part, Vice President of the Federation of Saudi Chambers Badr Bin Suleiman Al-Ruzaiza noted the positive development in relations between the two countries, which was reflected in the growth in the volume of trade exchange by 59% to reach SR355 million in 2021, adding that the Saudi and Costa Rican economies enjoy global competitive advantages.

The Undersecretary of the Ministry of Investment for Communication with Investors Badr Bin Ibrahim Al-Badr said that the coming months will witness the organization of a Saudi delegation from the public and private sectors to visit Costa Rica to see the available investment opportunities, especially in the sectors of renewable energy, tourism, agriculture and food security.

The meeting witnessed a number of presentations on the environment and investment opportunities available in both countries. — SPA