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Cabinet officials

New Zealand and Saudi Arabia Strengthen Investment Ties

Strategic Insights

— 1 min read

Minister for Trade and Investment Todd McClay met with His Excellency Khalid bin Abdulaziz Al-Falih, Saudi Arabia's Minister of Investment, to progress opportunities for deeper investment links between the two countries. Saudi Arabia's ambitious reform agenda under Vision 2030 aims to transform the country's economy, with New Zealand well placed to contribute to this transformation and attract Saudi investment into high-growth sectors. The meeting follows the conclusion of the New Zealand--Gulf Cooperation Council Free Trade Agreement last year and builds on the growing commitment to enhanced trade and investment cooperation.

Key Takeaways:

  • Minister McClay highlighted New Zealand's priority growth sectors, including renewable energy, cleantech, advanced food production, wood processing, aquaculture, advanced transportation, and tourism, as areas of focus for Saudi investment.
  • A Cooperation Framework Agreement between Saudi Arabia's Ministry of Investment and New Zealand's Invest NZ will provide a formal platform to identify and advance investment opportunities, strengthen institutional links, and ensure closer collaboration between the two countries' investment agencies.
  • Minister McClay invited His Excellency Khalid bin Abdulaziz Al-Falih to visit New Zealand with a delegation to see first-hand the investment opportunities the country has to offer.
  • The Government is streamlining investment settings and strengthening commercial engagement to make it easier for foreign investors to do business in New Zealand.
  • Minister McClay emphasized that stronger trade and investment ties will create jobs, lift regional economies, and deliver better opportunities for every New Zealander.

Statistics:

  • Saudi Arabia is expected to become the world's sixth largest economy by 2050 (Source: McClay).
  • New Zealand is well placed to contribute to Saudi Arabia's economic transformation under Vision 2030 (Source: McClay).
  • The Cooperation Framework Agreement between Saudi Arabia's Ministry of Investment and New Zealand's Invest NZ aims to ease investment flows between the two countries (Source: McClay).
  • Ministers McClay and Al-Falih agreed to establish the Cooperation Framework Agreement, which will provide a formal platform for investment cooperation (Source: McClay).

Sources:

  • McClay, Todd. (2023). "New Zealand and Saudi Arabia Strengthen Investment Ties." New Zealand Government.
  • "New Zealand—Gulf Cooperation Council Free Trade Agreement." New Zealand Government.

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