The Minister of Commerce and Industry, Dr. Tawfiq Al-Rabiah, revealed that the volume of trade between Arab countries and South American countries jumped to $30 billion last year, up from $6 billion in 2005, marking an increase of 500%, This announcement came during a forum held yesterday between business leaders from Arab and South American countries.

Meanwhile, the forum welcomed the preliminary economic feasibility studies prepared by the Arab Academy for Science, Technology, and Maritime Transport regarding the establishment of a joint private-sector maritime transport company between Arab and South American countries, as well as the establishment of a joint private-sector logistics services company between Arab and South American countries.

The participants praised the forum’s outcomes and recommendations, which will support economic and trade relations between business owners in both regions, and called for organizing bilateral meetings between business leaders in areas of mutual interest, exploring investment opportunities, and concluding trade agreements that would enhance trade and investment in both regions.

At the conclusion of the forum, the participants expressed their thanks and gratitude to His Majesty the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, for taking the initiative to host this important forum.