Saudi Arabia wants to increase its presence in Latin America

Saudi Arabia wants to make its presence more visible in Latin America and the Caribbean with new trade agreements

Saudi Arabia has shown great interest in Latin America and the Caribbean. But mainly in Latin America. The trade alliance between the Arab country and the Latin continent had already been agreed last November 2023, when a group of leaders traveled to Riad for the Inaugural Summit of the CARICOM along with a commitment investment of USD 2.5 billion.

Also read:

Blinken will begin tour of the Middle East

Saudi Arabia is pending Vision 2030 plan announced in 2016 by the crown prince Mohammed bin Salman, in which it seeks to diversify its economy and not limit it solely to oil, which represents close to 40% of its nominal GDP. The kingdom seeks to take advantage of all its money to promote investments abroad, mainly in areas where liquidity is scarce, and indirectly also generate new avenues of employment for young people who represent the 63% of their society.

Riyadh already has several alliances in mind that it wants to make and will go for more according to comments from the former ambassador of United States in Yemen and current director of the Arabian Peninsula Affairs Program at the Middle East Institute, Gerald Feierstein, “The Saudis are seen as much more aggressive when it comes to strengthening ties around the world, and Latin America is, undoubtedly part of it,” officials indicated

Last August, the minister of Investments, Khalid Al-Falih, He toured seven Latin American countries where he recognized opportunities to strengthen and deepen investment partnerships in raw materials and access to Latin markets. The most notable case is that of Brazil. There, ties have reached a higher level and, according to the minister, new alliances will continue to be added. Their relationship dates back to 1970 and their commercial exchanges are already around USD 8 billion, according to official estimates. In 2023 alone, exports to Arab territory were USD 3.200 millions the highest in a decade. And doing calculations they expect these exports to grow up to USD 20 billion for 2030.