Investment relations between Saudi Arabia and Cyprus are entering a new era
The Ministry of Finance of the Republic of Cyprus and the Ministry of Investment of the Kingdom of Saudi Arabia signed a Framework Cooperation Program (FCP) on 11 March 2023, aimed at strengthening economic ties and facilitating investment opportunities between the two countries.
The signing ceremony was held at the Ministry of Finance in the presence of high-level officials from both sides. Finance Minister, Mr. Makis Keravnos, and Saudi Arabia's Minister of Investment, Mr. Khalid Bin Abdulaziz Al Falih signed the FCP.
Under the agreed FCP, the two countries will cooperate in various fields, with a specific emphasis on encouraging and protecting investments and stimulating business initiatives. The agreement aims to establish a mechanism for regular exchange of information on investment opportunities, exchange of visits between experts from the two counties and organization of joint seminars and conferences.
Finance Minister Mr. Makis Keravnos emphasized the importance of the agreement, saying that "this program is an important step to further promote our bilateral relations in the area of investments and it has come as a result of mutual recognition of the opportunities offered. During the meeting, we also discussed the prospects for investments in a variety of priority sectors for our countries, such as ICT, tourism and hospitality, shipping, energy, health, and education”.
Saudi Arabia's Minister of Investment, Mr. Khalid Bin Abdulaziz Al Falih, said that he carries the greetings and warmest regards from his majesty King Salman Bin Abdulaziz Al Saud and wished for continued prosperity and success for the new government in the effort to achieve Vision 2035 goals. “I’m happy that during this visit we signed the Framework Cooperation Program that enhances our bilateral relations”.
The FCP is expected to facilitate investment flows between Cyprus and Saudi Arabia, promote joint ventures and partnerships, and create opportunities for the exchange of technical expertise and knowledge in various sectors.
The Chairman of Invest Cyprus, Mr. Evgenios Evgeniou noted that "the agreement is a testament to the strong and growing relationship between the two countries. We are committed to continue working together to foster greater economic cooperation and investment between Saudi Arabia and Cyprus."
The signing of the FCP underscores the commitment of both countries to deepen their economic relations and highlights the potential for increased investment and trade between Cyprus and Saudi Arabia. “At Invest Cyprus we are very excited for this new era of cooperation between Saudi Arabia and Cyprus. Both Invest Cyprus and the Ministry of Investment of Saudi Arabia have long worked together towards reaching the successful signing of this agreement today that marks new beginnings between both sides. Both countries present significant investment opportunities and we are certain that the FCP will soon bear fruits”, said Invest Cyprus Acting CEO, Marios Tannousis.
Equally important was the roundtable discussion between business people from Saudi Arabia and Cyprus that followed the signing of the FCP.