Saudi FSC Chief: Private Sector Keen to Utilize Available Opportunities to Boost Trade with Cuba

President of the Federation of Saudi Chambers (FSC) Hassan bin Mujib Al-Huwaizi said the private sector looks forward to boosting trade between the Kingdom of Saudi Arabia and the Republic of Cuba in light of the available opportunities.

Al-Huwaizi expressed optimism about a promising future for trade and investment between the two countries as he met in Riyadh today with Cuban Vice Prime Minister and Minister for Foreign Trade and Foreign Investment Ricardo Cabrisas, who is visiting the Kingdom in a delegtion of government officials.

He underscored the Saudi-Cuban determination to upgrade economic relations between the two countries, highlighting the important role of the Saudi and Cuban business sectors in advancing the path of economic cooperation.

Cabrisas noted the great incentives and protection that the Cuban investment act provides for foreign investors.

He added that discussions are underway with Saudi officials about banking cooperation and agreements to enhance investment between the two countries.

Trade exchange between the Kingdom and Cuba hit US$97 million in 2022, up by 190 percent from 2021.