King calls on GCC businessmen to establish economic partnerships with Africa

December 4, 2010

On behalf of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, Minister of Commerce and Industry Abdullah Zainal opened the Gulf-African Investment Conference 2010 in Riyadh today under the theme “Fostering Economic Relations.” The event was organized by the Council of Saudi Chambers of Commerce in collaboration with the Gulf Research Center.

In a speech delivered by the Minister of Commerce and Industry, King Abdullah explained that the purpose of the conference was to discuss “ways of enhancing economic cooperation between GCC countries and the sub-Saharan African states in order to open wider horizons to increase trade volume as well as the value of investments between the two continents that share closer bonds of friendship and geographical proximity since the dawn of history.” King Abdullah called for “genuine partnerships” in which GCC countries can gain access to African markets and agricultural products, while African nations can benefit from GCC investment and developmental assistance.

He noted that Saudi Arabia already has “excellent relations with most African countries” as evidenced by “the level of financial activity of the Saudi Fund for Development,” which has financed 262 projects in 43 African countries.