In a significant move to strengthen bilateral ties and foster economic collaboration, Saudi Arabia and Tunisia have signed a memorandum of understanding (MoU) aimed at enhancing direct investments and improving the investment climate in both nations. The agreement, signed by Saudi Minister of Investment Khalid Al-Falih and Tunisian Minister of Economy and Planning Samir Abdel Hafeez in Tunis, outlines a strategic approach to streamline regulations and laws, making it easier for both countries to engage in joint ventures.
The MoU was officially discussed during a meeting that also included Saudi Ambassador to Tunisia Abdulaziz bin Ali Al-Saqr, where officials explored various sectors of mutual interest such as industry, transport, and logistics. The focus of the talks was to identify potential areas for collaboration and promote investment opportunities in key industries, ultimately laying the foundation for more fruitful economic cooperation between the two countries.
Tunisian President Kais Saied welcomed Minister Al-Falih, who conveyed warm greetings from King Salman and Crown Prince Mohammed bin Salman, emphasizing Saudi Arabia’s unwavering support for Tunisia’s progress and stability. President Saied expressed his appreciation for Saudi Arabia’s leadership role in the Arab and Islamic worlds, particularly in fostering regional unity and promoting sustainable development.
Saied also underscored the importance of the MoU, noting it as a milestone in strengthening economic relations and a catalyst for joint development initiatives between Saudi Arabia and Tunisia. The agreement signals a step forward in solidifying ties that have already been in the works for several months.
This agreement comes after months of discussions surrounding the strengthening of industrial and economic cooperation. Earlier this year, Saudi Vice Minister of Industry Affairs Khalil bin Salamah confirmed that Tunisia and Saudi Arabia were in the process of identifying key sectors—such as pharmaceuticals and automotive components—that could benefit from initial investments. He also highlighted the importance of aligning policies across Arab nations to create a collaborative framework that supports regional industrial growth.
On the sidelines of the Multilateral Industrial Policy Forum held in Riyadh last month, Tunisian Minister of Industry, Mines, and Energy Fatma Thabet Chiboub also emphasized the potential for collaboration between Saudi investors and Tunisia’s rich mining resources. She specifically pointed to the automotive components and pharmaceutical sectors as areas for future partnerships. However, Chiboub expressed concern that the current level of Saudi investment in Tunisia has yet to fully reflect the scope of the countries’ potential.
The MoU marks a pivotal moment in the growing economic relationship between Saudi Arabia and Tunisia, with both nations eager to diversify their economies and explore new avenues for growth through strategic partnerships. This agreement is expected to pave the way for enhanced trade, joint industrial ventures, and expanded investment opportunities, strengthening the ties between the two nations in the years to come.
