Council of Saudi Chambers signed with the Irish side yesterday Monday, 25/6/2012 a draft of agreement to establish Irish Saudi Business Council , within the framework of efforts and a common desire to improve the volume of trade exchanges and investment between the two countries, in the presence of the Irish ambassador to the Kingdom, Dr. Neil Halohan.
The Agreement was signed both by the President of the Council of Saudi Chambers, Engineer Abdullah bin Saeed
Almbti, and on behalf of the Irish side Mr. Joseph Lynch, a head of the Irish side in the joint business council.
After signing the agreement, Engineer Abdullah Almbti said that the joint business council aims to facilitate the continuous interaction between the Irish Saudi business sectors, increase trade and economic cooperation between the two countries, and the Council will carry out many of the commercial and promotional activities systematically in the field of trade, investment, technology transfer, services and other sectors between the Kingdom and Ireland. Moreover, it provides a platform for businessmen to define and promote their business activities and establish business partnerships between them. He also noted the importance of relations between the Kingdom and Ireland and the available investment opportunities in both countries.
For his part, Engineer Omar Bahalioh in charge, Secretary of the Council of Chambers said that the establishment of Saudi Irish Business Council is an important framework to strengthen economic relations and encourage partnerships between Saudi and Irish businessmen. He added that the agreement stipulates that the joint business council consists of representatives of businessmen interested in investing in both countries and the Council shall hold regular meetings in Riyadh and Dublin through which to discuss trade and investment cooperation between the two sides.
According to the terms of the agreement, Saudi Irish Business Council will work to facilitate the exchange of information between the Saudi and Irish business communities on the economic situation, market and facilitate available investment opportunities, strengthen the ties and agreements in the sectors of industrial and economic cooperation and submit proposals and studies to the specialized authorities in both countries to improve and develop economic cooperation as well as exchange trade delegations and hold different exhibitions and activities.
However, Mr. Joseph Lynch stressed on the attention of Ireland to promote its economic relations with the Kingdom since it has a high economic status and pointed to the presence of 2000 Saudi students studying in Ireland. Also, he noted the areas in which cooperation can be in the areas of education, construction, medicine, agriculture, renewable energy and new technology. He considered signature of the agreement is a good indicator of the interest of the two countries to strengthen their economic relations, and he revealed the intention of the Irish side to organize a highly ranking Irish trade delegation to visit the Kingdom during the coming months.
The Ambassador of Ireland referred to the facilities provided by Ireland to the Saudis citizens and businessmen, where they can get entry visas up to (24) hours. He also said that despite the crisis, his country's economy is still stable and strong and considered it as a good time for the establishment of economic cooperation relations achieved positive results, since the Saudi market has many investment opportunities. Moreover, he said that Ireland is one of the largest exporters of software and pharmaceutical products , and he discussed his country's adoption of Islamic banking for a year and it is looking forward to receive Islamic investment funds.
Engineer Khalid Al-Otaibi, Assistant Secretary General for Foreign Affairs in the Council of Chambers pointed out that the establishment of the business council of Saudi and Irish businessmen came from a common desire of both sides and in implementation of the recommendations of the Saudi Irish Ministerial Committee.