New Zealand’s Minister for Trade and Investment, Todd McClay, and Saudi Arabia’s Minister of Investment, H.E. Dr Majid bin Abdullah Al-Kassabi, signed a joint statement establishing the New Zealand–Saudi Arabia Business Council this week.
The formation of the business council comes after the two nations announced the signing of five new commercial partnerships worth $100 million between New Zealand and Saudi Arabian companies, formalized at a ceremony during the Trade and Investment mission in Riyadh.
“Worth nearly $3 trillion, Saudi Arabia is a top 20 export market for New Zealand and one of the most dynamic economies in the world. The establishment of this Business Council is an important step in strengthening trade and investment links between our two countries,” McClay said.
Free trade agreement with GCC to further boost growth
McClay says business councils are a proven way to build stronger commercial connections and support exporters to succeed. He added that a dedicated New Zealand–Saudi Arabia Business Council will raise awareness of opportunities, strengthen relationships and help Kiwi firms do well in this growth market. It will play a key role in contributing to the Government’s goal of doubling exports by value in 10 years.
“Trade supports jobs in every region of the country, and stronger export and investment links mean more opportunities, higher wages and greater opportunities for all New Zealanders,” McClay added.
He also noted that the upcoming conclusion of the free trade agreement with the Gulf Cooperation Council will open the door to significant new opportunities, particularly in Saudi Arabia. The Business Council will ensure New Zealand companies are ready to seize those opportunities, while also boosting investment flows between our two economies.
Read: Saudi Arabia, Japan expand bilateral cooperation, ink 13 deals in key sectors
Deals to generate over $100 million in commercial value for New Zealand
Earlier this week, New Zealand and Saudi Arabia marked an important step in deepening their trade relations, with 5 deals expected to generate more than $100 million in commercial value for New Zealand.
The deals include:
- NIG Nutritionals and Al Dawaa Pharmacies: A distribution agreement to expand access to New Zealand-made nutrition products across Saudi Arabia.
- 26 Seasons and Qassim Strawberry & Fruit Cooperative Society: A partnership to develop and promote premium fruit production and supply.
- Gallagher Animal Management and Al Tajweed: An agreement to provide advanced animal management solutions.
- Wētā Workshop and Rukun Creative Exchange: A creative industries collaboration to bring New Zealand’s world-leading design and production expertise to Saudi projects.
- Wētā Workshop and Amaq Contracting Company: A second agreement expanding Wētā’s footprint in Saudi Arabia through large-scale creative and construction ventures.
“This will give our exporters a significant boost, reinforce New Zealand as a reliable trade partner, and contribute to our goal of doubling the value of exports in 10 years,” McClay added.
Saudi Arabia’s Vision 2030 is driving demand for premium, innovative solutions. The new partnerships with New Zealand showcase the strength and diversity of New Zealand’s offerings in food and beverage, animal management, agri-tech, healthcare and the creative industries sectors, well placed to contribute to this transformation, explained the trade and investment minister.
