The Saudi Business Council (SBC) is a nonprofit, non-governmental organization committed to strengthening business and cultural ties between the Kingdom of Saudi Arabia and other countries. By connecting Saudi Arabian companies with public and private entities, SBC facilitates partnerships and collaborations that leverage the potential of Saudi Vision 2030. With a focus on regions like Latin America, SBC aims to build a brighter and more prosperous future for all.
Dedicated to driving sustainable and inclusive economic growth both domestically and globally, SBC’s strategy involves identifying opportunities in key sectors and emerging markets to generate long-term financial returns while contributing to social and environmental progress. The organization actively explores investment and collaboration in sectors such as infrastructure, renewable energy, technology, and healthcare, while also supporting the development of human capital and promoting entrepreneurship. SBC recognizes the importance of balancing financial returns with its commitment to sustainability, technological innovation, and social impact.
Latin&Gulf talked with Mrs. Kira Negron, President of the Saudi Business Council, to share her vision about the relationship between Saudi Arabia and Latin America and the potential this partnership holds for the future.
How has the Saudi Business Council been supporting economic activities and investments between Saudi Arabia and Latin America?
Latin America’s economic landscape is being reshaped by a confluence of factors, including the rise of regional trade networks, the growing influence of the tech sector, and a shift towards sustainable development initiatives.
The Public Invest Fund of Saudi Arabia (PIF) actively seeks strategic investments in Latin America across diverse sectors such as infrastructure, renewable energy, technology, and agriculture. These investments aim to generate attractive financial returns while contributing to sustainable development and economic growth in the region. The PIF serves as a crucial catalyst in fostering stronger trade and investment ties between Saudi Arabia and Latin America. By actively engaging with key stakeholders, facilitating partnerships, and promoting mutually beneficial initiatives, the PIF helps create a conducive environment for businesses to thrive.
The Ministry of Investment of Saudi Arabia (MISA) is fostering robust economic ties with Latin America. Recognize the untapped potential for investment and trade across various sectors, including real estate, tourism, mining, and agribusiness. MISA has been actively working to facilitate and promote these opportunities through a range of initiatives. We have established a dedicated team focused on Latin America to provide comprehensive support to investors from the region. This includes assistance with market entry, regulatory guidance, and matchmaking with potential Saudi partners. They organize and participate in trade missions, roadshows, and investment forums to showcase the attractive investment opportunities in Saudi Arabia to Latin American businesses.
Saudi Business Council was sharing facilitated trade missions, investment forums, and B2B matchmaking events, fostering direct connections between businesses from both regions. Our efforts have led to significant growth in bilateral trade and investment flows, unlocking opportunities in diverse sectors.
Could you highlight some key successes or milestones in the relationship between Saudi Arabia and Latin America over the years?
Over the years, we have witnessed remarkable milestones in the relationship between Saudi Arabia and Latin America. These include a substantial increase in bilateral trade volumes, successful joint ventures in sectors like agriculture, technology, and infrastructure, and high-level exchanges between government officials and business leaders. The establishment of the Saudi Regional Business Council with Latin American Countries further solidifies commitment to deepening this fruitful partnership.
This council serves as a crucial platform for facilitating dialogue, promoting business opportunities, and strengthening economic ties between Saudi Arabia and Latin American countries.
Bilateral trade between Saudi Arabia and Latin America has been steadily increasing, driven by growing demand for Saudi exports and a rising interest in Latin American products and services.
- Growing Investment Portfolio: The PIF’s investment portfolio in Latin America has witnessed remarkable growth in recent years, demonstrating its confidence in the region’s potential. Successful investments across various sectors serve as significant milestones and pave the way for future collaborations.
- Strengthening Bilateral Relations: The PIF’s engagement with Latin America has played a pivotal role in strengthening the broader bilateral relationship between Saudi Arabia and the region. This engagement encompasses fostering high-level dialogues, facilitating business delegations, and promoting cultural exchanges, thereby deepening mutual understanding and cooperation.
How does the Saudi Business Council facilitate and promote trade relations between Saudi Arabia and Latin American countries through the Saudi Regional Business Council with Latin American Countries?
The Role of the Saudi Business Council and PIF in Facilitating Trade:
- Saudi Regional Business Council: This council serves as a vital platform for promoting trade and investment between Saudi Arabia and Latin America. The PIF actively supports the council’s activities, including organizing business forums, trade missions, and networking events. These initiatives help build bridges between the business communities of both regions and create opportunities for collaboration.
- PIF‘s Facilitation Role: The PIF actively facilitates trade relations by providing support and guidance to Saudi and Latin American businesses. This includes facilitating market access, identifying investment opportunities, and addressing regulatory challenges. By leveraging its expertise and network, the PIF helps businesses navigate the complexities of cross-border trade and investment.
Public Invest Fund and FII Priority, MISA and The Saudi Regional Business Council plays a pivotal role in promoting trade relations. By fostering dialogue and understanding, actively contribute to a thriving trade ecosystem between Saudi Arabia and Latin American countries.
There are several potential events that strengthen ties between Saudi Arabia and Latin America:
- Future editions of the FII PRIORITY Summit: was the inaugural FII PRIORITY Summit in Rio de Janeiro, held in June 2024, it’s possible that future editions of this event will be held in other Latin American countries, providing further opportunities for dialogue and collaboration. This event, organized by the Saudi Future Investment Initiative (FII) Institute, served as a platform for leaders from both regions to discuss investment opportunities and strategies for sustainable development.
- Bilateral business forums and trade missions: Both Saudi Arabia and Latin American countries may organize events to promote trade and investment opportunities and facilitate business-to-business connections.
- Sector-specific conferences and summits: There could be events focused on specific sectors of mutual interest, such as renewable energy, technology, or agriculture, providing platforms for knowledge-sharing and collaboration.
As the Saudi Business Council, we are committed to actively participating in and supporting such events to foster stronger ties and unlock mutually beneficial opportunities with our partners in Latin America.
What specific strategies does the Saudi Business Council employ to enhance bilateral trade and investment opportunities with Latin America?
Saudi Business Council, as well as Saudi Regional Business Council employ a multifaceted approach to enhance bilateral trade and investment opportunities. This includes identifying and promoting priority sectors for cooperation, facilitating partnerships, providing market entry support, and encouraging knowledge sharing and technology transfer. We strive to create an enabling environment for businesses to flourish. These include organizing trade missions, participating in trade fairs and exhibitions, and providing market intelligence and support to businesses.
Sector-Focused Approach: The PIF employs a sector-focused approach to identify and prioritize investment opportunities in Latin America. By focusing on sectors with strong growth potential and alignment with Saudi Arabia’s Vision 2030, the PIF aims to maximize the impact of its investments and foster mutually beneficial partnerships.
Partnership Development: The PIF actively seeks to develop strategic partnerships with key stakeholders in Latin America, including governments, private sector entities, and financial institutions. These partnerships enable the PIF to leverage local expertise, gain deeper market insights, and create synergies for successful investments
How does the Saudi Business Council facilitate connections between Saudi companies and public and private entities in Latin America?
PIF’s and Saudi Business Council Role in Facilitating Connections:
- Networking and Matchmaking: The PIF organize various networking and matchmaking events to connect Saudi companies with public and private entities in Latin America. These platforms facilitate the exchange of ideas, foster business relationships, and explore potential avenues for collaboration.
- Investment Roadshows: The PIF regularly conducts investment roadshows in Latin America to showcase investment opportunities and attract Saudi investors to the region. These roadshows provide a valuable platform for showcasing the region’s potential and highlighting specific projects seeking investment.
Saudi Business Council, as well as Saudi Regional Business Council actively facilitate connections between Saudi companies and public and private entities in Latin America. We serve as a bridge between Saudi companies and public and private entities in Latin America. Through networking events, business forums, and introductions, we facilitate meaningful connections that lead to mutually beneficial partnerships. Our goal is to cultivate a vibrant business community that transcends borders.
What role does the Saudi Business Council play in connecting Saudi and Latin American businesses and fostering new partnerships?
We actively seek opportunities to bring together Saudi and Latin American businesses, enabling them to leverage their complementary strengths and create shared value. We believe in the power of collaboration to drive innovation and growth.
The Saudi Future Investment Initiative (FII) Institute, a global non-profit foundation with the PIF as its founding partner, plays a crucial role in connecting businesses from Saudi Arabia and Latin America. Through its extensive global network and high-profile events, the FII Institute facilitates dialogue, fosters partnerships, and promotes knowledge-sharing.
The FII Institute and Saudi Business Council are committed to driving innovation and supporting initiatives that foster economic growth and sustainable development. By connecting Saudi and Latin American businesses, the FII Institute facilitates the exchange of ideas, technologies, and best practices, thereby contributing to the development of both regions.
Can you elaborate on any recent initiatives by the Saudi Business Council aimed at strengthening economic cooperation with Latin America, particularly in key sectors like agriculture and technology?
Recent initiatives been launched to strengthen economic cooperation with Latin America, particularly in agriculture and technology with the goal of facilitating knowledge transfer, joint ventures, and investment. These include programs to promote collaboration, knowledge exchange, and capacity building. We are committed to supporting sustainable development and innovation in these key sectors.
- Agriculture and Technology: The PIF has launched several recent initiatives aimed at strengthening economic cooperation with Latin America in key sectors such as agriculture and technology. These initiatives include investing in agricultural projects to enhance food security and exploring opportunities in technology and innovation to drive digital transformation and cooperation with SALIC group.
- Renewable Energy: The PIF actively exploring investment opportunities in renewable energy projects across Latin America. By leveraging its expertise and financial resources, the PIF aims to contribute to the region’s energy transition and promote sustainable development and cooperation with ARAMCO, and SABIC.
MISA and the Federation of Saudi Chamber of Commerce have launched several initiatives to
strengthen economic cooperation with Latin America.
- Sector-specific trade missions and roadshows to showcase investment opportunities in key sectors like agriculture and technology.
- Workshops and webinars to highlight information about the Saudi market and regulatory environment.
- Collaboration with Latin American investment promotion agencies to facilitate investment flows.
How does the Saudi Business Council support Latin American businesses in understanding and navigating the Saudi market?
As a Saudi Business Council, we understand that navigating a new market can be challenging. That’s
why we facilitate comprehensive support to Latin American businesses looking to enter the Saudi
market. We provide comprehensive information and guidance on market entry, regulatory
requirements, and business practices, to facilitate their success. We are deeply committed to fostering
a welcoming and inclusive business environment and support for Latin American Businesses:
- The PIF offers Latin American businesses valuable market insights, guidance, and access to resources to help them navigate the Saudi market effectively. This includes providing information on regulatory requirements, market trends, and potential partners, while also facilitating connections with relevant government agencies, industry associations, and service providers. By reducing barriers to entry and promoting successful market penetration, the PIF empowers businesses to make informed decisions and establish successful operations in Saudi Arabia.
- The MISA plays a central role in attracting and facilitating foreign investments in Saudi Arabia. It works closely with Latin American businesses to identify opportunities, streamline processes, and provide necessary support throughout the investment journey and provides its services directly to its customers, and does not require the appointment of lawyers nor service agents to benefit from ministry’s services. To obtain its services, just contact MISA directly and they will provide you all detailed information in various languages.
- Ministry of Foreign Affairs (MOFA): strengthens diplomatic ties and fosters political and economic cooperation between Saudi Arabia and Latin American countries. It actively promotes trade relations and supports business delegations and official visits.
- General Authority for Foreign Trade (GAFT): The GAFT negotiates trade agreements, resolves trade disputes, and represents Saudi Arabia in international trade organizations. It also promotes exports and facilitates trade missions to Latin America.
What are some specific initiatives or projects currently underway to enhance Saudi-Latin American business collaborations?
Numerous initiatives and projects are currently underway to enhance Saudi-Latin American business collaborations. These collaborations span a wide range of sectors, including infrastructure development, renewable energy projects, agricultural partnerships, and technology ventures, healthcare. We all actively involved in facilitating and supporting these collaborations, thereby contributing to the economic development of both regions, and unlock new opportunities for cooperation and growth.
One of the most impactful projects fostering collaboration between Latin America and Saudi Arabia is in the realm of education, spearheaded by the Misk Foundation. Misk is a nonprofit philanthropic foundation established by Crown Prince Mohammed bin Salman, dedicated to empowering Saudi youth and cultivating a knowledge-based society.
Recognizing the importance of international collaboration, Misk has extended its initiatives to Latin America, offering young entrepreneurs a range of valuable opportunities:
- Scholarships and Fellowships: Misk provides scholarships and fellowships for Latin
American students to pursue higher education in Saudi Arabia or globally, fostering
cross-cultural understanding and knowledge exchange. - Entrepreneurship Programs: Through its various programs, Misk supports aspiring
entrepreneurs with training, mentorship, and funding to develop innovative business
ideas and contribute to their local economies. - Global Forums and Events: Misk organizes international events and forums that
bring together young leaders, entrepreneurs, and innovators from around the
world, including Latin America, providing networking opportunities and exposure to
global best practices.
By investing in the education and development of Latin American youth, the Misk Foundation is helping to create a generation of skilled and empowered individuals who can contribute to the economic and social progress of their countries. This collaboration serves as a powerful testament to the potential for mutually beneficial partnerships between Latin America and Saudi Arabia, fostering a brighter future for both regions.
What opportunities do you see for Saudi and Latin American businesses to collaborate in emerging sectors such as renewable energy and fintech?
We see tremendous opportunities for collaboration in emerging sectors such as renewable energy and fintech. Saudi Arabia is investing heavily in renewable energy to diversify its energy mix and reduce carbon emissions. Latin America, with its abundant solar and wind resources, is an ideal partner in this Endeavor. Similarly, the fintech sector offers vast potential for collaboration. Saudi Arabia is rapidly developing its fintech ecosystem, and Latin American companies with innovative solutions can find a receptive market.
- Renewable Energy: Saudi Arabia and Latin America have abundant renewable energy resources, creating significant opportunities for collaboration in this sector. Joint ventures in solar, wind, and other renewable energy projects can accelerate the energy transition and promote sustainable development in both regions.
- Fintech and AI: The fintech, AI sectors are rapidly growing in both Saudi Arabia and Latin America, presenting exciting opportunities for collaboration. By leveraging technological advancements and fostering innovation, businesses from both regions can develop and deploy innovative financial solutions that meet the evolving needs of consumers and businesses alike.
The Public Investment Fund, under the visionary leadership of His Excellency Yasir Al- Rumayyan, is actively fostering economic cooperation and sustainable development between Saudi Arabia and Latin America. Through strategic investments, facilitation of trade and investment, and promotion of innovation, the PIF is playing a pivotal role in shaping the future of both regions. The opportunities for collaboration are vast, and the potential for mutual growth is immense.
By working together, businesses from Saudi Arabia and Latin America can unlock new opportunities, drive innovation, and create a prosperous future for all.
