Todd McClay, Minister for Trade and Investment, met with His Excellency Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, to advance prospects for stronger investment ties between the two nations.
“Saudi Arabia is set to be the world’s sixth largest economy by 2050, with an ambitious reform agenda under Vision 2030,” McClay said.
“New Zealand is well placed to contribute to this transformation and to attract Saudi investment into high-growth sectors across our economy.”
The meeting follows the completion of the New Zealand–Gulf Cooperation Council Free Trade Agreement last year and reflects the increasing dedication to strengthening trade and investment collaboration.
The discussions centred on generating opportunities for both countries by strengthening investment connections.
Both ministers agreed to set up a Cooperation Framework Agreement between Saudi Arabia’s Ministry of Investment and New Zealand’s Invest NZ.
“This agreement will provide a formal platform to identify and advance investment opportunities, strengthen institutional links, and ensure closer collaboration between the two countries’ investment agencies.”
“If it is good for New Zealand and good for New Zealanders, we will be saying yes to investment. Stronger trade and investment ties create jobs, lift regional economies, and deliver better opportunities for every New Zealander,” McClay added.
New Zealand’s key growth sectors include renewable energy, cleantech, advanced food production, wood processing, aquaculture, advanced transportation, and tourism.