SABIC’s entry into Mauritania great incentive for Saudi firms:Al-Zamil

16/09/2014 01:43 AST

The Council of Saudi Chambers (CSC) has expressed its willingness to cooperate with the businessmen in Mauritania in organizing seminars and meetings for Saudi businessmen looking for investment opportunities in Mauritania.

CSC’s President Abdulrahman Al-Zamil made his observation on Sunday during his meeting with the newly posted Ambassador of Mauritania to the Kingdom, Mohammad Mahmoud Walad Al-Ameen.

Al-Zamil encouraged Saudis to look at those opportunities in Mauritania, especially those carefully studied, and provide guarantees to Saudi investors as an Arab and neighboring country.

Referring to the entry of Saudi Basic Industries Corporation (SABIC) into the Mauritanian market, he said it would be a great incentive for Saudi firms to enter the market if the initial attempt succeeds. He called on the Mauritanian side to look at the experience of the Saudi Fund for Industrial Development in financing small-scale industrialists and replicate this experiment based on Mauritanian market status. Al-Zamil reiterated CSC’s willingness to share this experience with their brothers in Mauritania.

The CSC chief discussed with his guest aspects of cooperation between the two countries, especially in economic and investment fields. He referred to the friendly relations between Saudi Arabia and Mauritania and expressed full support for the development of economic relations.

The two countries need to improve their trade relations as there is room for growth in view of the vast investment opportunities and geographical proximity.

They attributed this weakness to lack of maritime transport and navigation facilities with north African countries. The two called on the Islamic Development Bank (IDB) and other financial institutions to embark on the maritime transport project.

The envoy emphasized the need to work in this direction. He referred to the political will of the two member countries of the OIC in cementing their economic ties.

Arab News