Bilateral trade between Saudi Arabia and Norway grew by 360 percent between 2020 and 2024, reaching $828 million, said Minister of Commerce and National Competitiveness Center (NCC) Chairman Majid Al-Kassabi during the recently held Saudi-Norway Business Forum.
The Saudi-Norway Business Forum was organized by the NCC in Oslo as part of a Saudi trade delegation visit comprising 30 leaders and officials from both the public and private sectors.
Reforms push Saudi Arabia’s GDP past $1.3 trillion
During the forum, Al-Kassabi affirmed that Saudi Vision 2030, launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has driven an unprecedented transformation in the Kingdom’s economy.
He noted that more than 900 legislative and regulatory reforms were implemented to build a competitive economy, alongside the launch of some of the world’s most ambitious projects.
The efforts, he added, pushed Saudi Arabia’s gross domestic product (GDP) past $1.3 trillion, making it the largest economy in the Middle East and the 17th globally.
Saudi Arabia and Norway seek to expand cooperation in key sectors
Al-Kassabi also highlighted key similarities between Saudi Arabia and Norway, notably their abundant natural resources and strong communities striving to build a prosperous economy.
He told an audience of more than 130 government and private-sector leaders from both countries that Norwegian companies are already operating in the Kingdom, with both countries keen to expand cooperation in logistics, shipping, fisheries, advanced manufacturing, tourism, digitalization, healthcare, education and creative industries.
During the forum, Vice Minister of Commerce and NCC CEO Eman Al-Mutairi highlighted the key reforms undertaken to enhance the Kingdom’s competitiveness and the promising opportunities in vital sectors. She noted that more than 1,200 regulations and bylaws have been issued or updated, helping position the business environment as one of the world’s leading destinations for companies and entrepreneurs.
Confederation of Norwegian Enterprise President Svein Tore Holsether also noted that Saudi Arabia embarked on a remarkable transformation through the Saudi Vision 2030, which has encouraged many Norway-based companies to collaborate with Saudi partners. He added that more than 100 Norwegian companies visited the Kingdom over the past year.
Read: New Zealand–Saudi Arabia Business Council established following $100 million trade boost
Al-Kassabi meets with key leaders to strengthen Saudi-Norway Trade
During the two-day visit to Norway, Al-Kassabi led Saudi Arabia’s delegation, which comprised 30 officials from the public and private sectors, with the aim of promoting bilateral trade in promising sectors and enhancing the level of economic partnership between the two friendly countries, in addition to participating in the activities of the Saudi-Norwegian Business Forum.
He held meetings with ministers and officials, which included a review of the promising opportunities created by the Saudi Vision 2030 and discussions on encouraging Norwegian companies to expand their operations in promising Saudi sectors, particularly those related to fisheries, maritime transport, circular economy, and sustainability.
Al-Kassabi met with the Norwegian Minister of Trade and Industry Cecilie Myrseth, and they discussed enhancing trade to capitalize on opportunities in promising economic sectors. They also reviewed the Kingdom’s experience in implementing legislative and regulatory reforms and their impact on enhancing the attractiveness of the business environment.
In a separate meeting with Norwegian State Secretary of Labor and Social Inclusion Kjetil Vevle, Al-Kassabi discussed cooperation in skills enhancement to meet the needs of future labor markets, through the exchange of expertise between educational and training institutions in both countries.
Minister Al-Kassabi concluded his series of ministerial meetings with Norway’s State Secretary of Fisheries and Ocean Policy Even Sagebakken. The two sides explored ways to enhance trade by cooperating on port and maritime logistics development. They also reviewed Norway’s experience in smart mobility systems and its potential applications in Saudi projects.
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