Saudi Arabia-CARICOM Summit Aims to Strengthen Partnerships and Promote Trade and Investment

Riyadh – The inaugural Saudi Arabia-Caribbean Community (CARICOM) summit opened here on Thursday with the Kingdom regarding the deliberations as a landmark event, aimed at fortifying partnerships and opening new avenues for collaboration among the largest country in the Arabian Peninsula and the Caribbean.

The summit comes two months after the approval of the Joint Action Plan between the Gulf Cooperation Council (GCC) and CARICOM for the period 2023 to 2027.

This plan was endorsed during a joint meeting of foreign ministers on September 18 in New York and outlines the primary objectives and mechanisms for political dialogue, trade facilitation, investment promotion, and tourism cooperation.

According to both Saudi Arabian and CARICOM officials, the summit is poised to enhance trade and investment flows between the two regions.

They note that while the trade volume between GCC countries and the Caribbean stood at approximately US$6.5 billion in 2021, the plan provides a framework to amplify trade and investment through dialogues between officials from both sides.

It emphasises engagement with business leaders, regional, and international organisations to meet investment needs and business opportunities through partnerships across public and private sectors, including transportation and logistical services.

The summit is being co-chaired by Saudi Crown Prince and Prime Minister Mohammed bin Salman and Dominica’s Prime Minister, Roosevelt Skerrit, who is also the chairman of the 15-member CARICOM grouping. (CMC)