Bengaluru, 2 March 2023 (TDI): The Minister of Finance of Saudi Arabia, Mohammed Aljadaan, held a meeting with the Minister for Economy of Argentina, Sergio Massa at the G20 Summit.
During their conversation, the two discussed ways to continue advancing in the projects that the Saudi Fund is looking to finance in Argentina. It included the 500 million dollar investment announcement for the food and energy sector.
Besides, this meeting also represents a commitment to promoting economic ties between the countries. Thus, leading to more sustainable growth in both nations.
Saudi Arabia, Argentina ties
In recent years, Saudi Arabia has maintained bilateral economic relations with Argentina. Saudi Arabia is Argentina’s fourth-largest trading partner in the Middle East, with commercial exchanges amounting to over $600 million annually.
In the same vein, Saudi Arabia is Argentina’s second-largest supplier of crude oil, providing 14 percent of Argentina’s total imports, while Argentina provides exported food products and agricultural raw materials to Saudi Arabia.
On top of that, Saudi Arabia has also invested in Argentine industries, with investments in energy and commodities sectors such as wheat and soybeans.
In 2019, Argentina and Saudi Arabia signed a memorandum of understanding to expand their partnership and collaboration, in the fields of trade and investment promotion, science and technology, education, health, and culture.
Also read: Argentine Foreign Minister meets G7 Ambassadors
For the record, in order to combat money laundering, terrorism financing, and other criminal activities, the two countries have also engaged in joint efforts and worked together to tackle these illicit operations.
Today’s meeting between Saudi Arabia and Argentine Minister is an indication of their commitment to furthering the initiatives of the Saudi Fund for Development in Argentina.
In a nutshell, the projects supported by the Saudi fund are likely to bring greater economic stability and prosperity to the country, and this joint effort demonstrates a willingness to prioritize such progress.
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