February 23, 2021
Foreign Trade

Undersecretary Rodrigo Yáñez meets with officials in Saudi Arabia to strengthen trade relations and promote investment in Chile

Undersecretary Rodrigo Yáñez meets with officials in Saudi Arabia to strengthen trade relations and promote investment in Chile
In an effort to deepen bilateral economic relations and attract new investors, International Economic Relations Undersecretary (SUBREI) Rodrigo Yáñez met with officials in Saudi Arabia on Monday as part of a visit to the Gulf nations.

Undersecretary Yáñez held a meeting at the Gulf Cooperation Council (GCC) in Riyadh with Saudi Deputy Foreign Minister Waleed Elkhereiji. During the meeting they discussed opportunities for bilateral relations between the two countries, both in trade and investment in areas such as the digital economy, food security and green hydrogen.

Undersecretary Rodrigo Yáñez then met with Munir M. Eldesouki, Assistant Minister at the Ministry of Communications and Information Technology. They reviewed Chile’s possible entry into the Digital Cooperation Organization (DCO), an organization established by Saudi Arabia, Bahrain, Jordan, Kuwait and Pakistan that seeks to strengthen digital cooperation. The Chilean Undersecretary pointed to the Digital Economy Partnership Agreement (DEPA) signed by Chile, New Zealand and Singapore and the opportunity that this digital free trade agreement could offer to the countries of the Gulf region.

The Undersecretary also met with Saudi Deputy Industry and Mineral Resources Minister Khaled Al-Mudayfe. They discussed issues related to exports of mining services and bilateral cooperation between the two countries.

These meetings are a part of the trade visit Undersecretary Yáñez is making to the Gulf nations (Saudi Arabia, Qatar and Kuwait) that began February 22 and will finalize on March 1. This trip to the region is in addition to a visit to the United Arab Emirates made in August 2020, during which discussions were held on initiatives regarding strategic cooperation and investments.

GCC bilateral trade

The Gulf region is one of the main economic blocs in the world and represents significant business opportunities for Chile. Trade between GCC and Chile has grown at an annual rate of 3.6% for the period from 2003 to 2020. During 2020, bilateral trade reached US$ 432 million, with exports of US$ 404.7 million and imports of US$ 27 million.