Kingdom-Australia trade surges to $ 2.15 billion

The Council of Saudi Chambers signed a memorandum of understanding (MoU) with the Australian Industry Group in Canberra to form the Saudi-Australian Business Council as part of the 9th Saudi-Australian joint committee session.
The meeting, which concluded Friday at the Parliament of Australia, was led by Minister of Agriculture Fahad Balghonaim on the Saudi side.
The MoU was signed by Samir Qabbani on behalf of chairman of the Council of Saudi Chambers, while Tom Harley signed it on behalf of the Australian side. Balghonaim and Australian Minister for Trade Craig Emerson were present at the signing ceremony.
According to Secretary General of the Council of Saudi Chambers Khalid Al-Otaiby, the MoU came as a result of the continuous efforts from both Saudi Arabia and Australia to enhance bilateral trade.
He added that this joint council aims to facilitate interactions between the business sectors in both countries with the council serving as a platform for Saudi and Australian businessmen to promote business activities and partnerships. It will also organize business delegations as one of the key steps in this regard.
The MoU stipulates that the joint business council should comprise representatives of businessmen and investors from both countries. To this end, the council will be holding periodic meetings in Riyadh and Canberra to discuss bilateral trade opportunities and ways to facilitate information exchange between the business communities of the two countries.
Australian business circles welcomed the launch of the business council which, they felt, provides a good opportunity for Australian companies to explore market potential for their products in one of the world’s strongest economies.
Australia’s two-way trade with Saudi Arabia has risen to a $ 2.15 billion with major exports in 2011-12, including passenger motor vehicles, barley, wheat and meat. Its imports from the Kingdom during the same period included fertilizers and crude oil.
Visa application can also be done online without going anywhere so they can do it from home and work for, especially for women and family according to an Australian official.
Last year, a high profile business mission led by Mark Vaile, former deputy prime minister of Australia and former minister for trade. Anna Bligh, former Queensland premier, visited Saudi Arabia. Some 12 chief and senior executives from Australian based blue-chip companies develop a power network of key corporate, government, non-government and diplomatic leaders and organizations in Saudi Arabia.
Sectors represented on the business mission by chief and senior executives include automotive, agriculture, construction and engineering, education, financial services, food and beverage, transport, telecommunications and tourism.
There are approximately 12,000 Saudi students studying in the Australian universities with about 72,000 family members in Australia accompanying them. That’s very significant for promoting cultural ties between the two countries. These are young Saudi students who are pursuing higher studies in Australia and also learning about Australia.