RIYADH, SAUDI ARABIA – Since its foundation, the Kingdom has been keen to build bridges of communication with all the countries in accordance with a clear policy to build positive relationships based on respect, cooperation and common interests.
The Kingdom’s interest in establishing relations with the Caribbean Community (CARICOM) stemmed from this principle, which reflects the Kingdom’s openness to partnerships with active blocs in the international community.
The holding of the Saudi-CARICOM Summit on Thursday in Riyadh comes due to the keenness of King Salman bin Abdulaziz Al Saud and Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud to strengthen relations.
It also comes as an appreciation of the participating countries for the Kingdom’s position at regional and global levels, which reflects their commitment to establishing an ambitious future strategic partnership with Saudi Arabia, based on common values and interests.
The summit is significant since it is the first of its kind to involve heads of CARICOM state.
Last May, the Kingdom participated in the ninth summit of heads of state and government of the Association of Caricom States, which was held in Guatemala.
This summit discussed the importance of multilateral coordination regarding international challenges, in addition to activating joint action to achieve global peace and security and attain sustainable development goals 2030, thus establishing stability and prosperity for the world.
The Kingdom affirmed its keenness to strengthen friendly relations and cooperation with Caribbean countries.
These countries have important roles in enhancing regional cooperation and advancing collective action on issues of common interest, such as trade, climate change, sustainable development and others.
The Kingdom also participated in the joint ministerial meeting between the Gulf Cooperation Council (GCC) and the Association of Caricom States held last September in New York to establish a partnership between the two regional entities.
Trade between the Kingdom and the Caribbean countries in 2023 was worth SAR203.18 million. The value of exported goods was SAR102.34 million.
It included plastics and their products, machinery and mechanical tools and their parts, animal or vegetable fats and oils, copper and its products, dairy and eggs and edible animal products.
On the other hand, the value of imported goods amounted to SAR100.84 million.
This included medical, optical and imaging devices, pharmaceutical products, electrical devices and equipment and their parts, books, machinery and mechanical tools and their components.
In July 2022, the Saudi-Caribbean Investment Forum was held in Punta Cana, Dominican Republic. The event brought together investors from the public and private sectors in the Kingdom and the Caribbean countries.
It was a platform to discuss investment opportunities and developments in priority sectors.
The Saudi-CARICOM Summit enhances trade and investment relations between Saudi Arabia and the Caribbean Community in both the public and private sectors, creating opportunities for cooperation.
It also aims to explore investment prospects in the food and agriculture industries, as well as facilitate the exchange of expertise, research, modern technologies, and best practices in line with Saudi Arabia’s Vision 2030.
Out of keenness to regulate the operational framework for air transport, the Ministry of Transport and Logistics of Saudi Arabia and the Ministry of Tourism and International Transport of Barbados signed a memorandum of understanding in November 2022.
The MoU comprises several operational items for air transport and the multiplicity of designation of national carriers, as well as cooperation between the two sides.
Saudi Arabia shares the CARICOM countries’ concerns regarding climate change, environmental protection, and the promotion of sustainable clean energy.
The country also supports all efforts and initiatives in this regard, including the Middle East Green Initiative and the Global Water Organization.
Continuing the Kingdom’s leading efforts in providing humanitarian and developmental aid worldwide, being among the top 10 donors to low and middle-income countries, the Saudi Fund for Development (SFD) has extended its developmental activities to the member countries of the CARICOM organization for nearly four decades.
Since the beginning of this year alone, it has contributed approximately $670 million to fund 12 development projects.
The SFD’s support involves financing development projects and programs through facilitated developmental loans for CARICOM countries.
These projects encompass countries such as Antigua and Barbuda, the Bahamas, Grenada, Belize, Guyana, Jamaica, Saint Lucia and Saint Vincent and the Grenadines.
In various vital and developmental sectors, the support encompasses projects such as the expansion project of the University of the West Indies at Five Islands in Antigua and Barbuda, the establishment of business incubation centers, and the Family Island Airport Renaissance Project in The Bahamas.
It also includes the Climate Smart Infrastructure Project in Grenada, the construction of the Tertiary Level Hospital Project in Belmopan, and the establishment of a solar power station in Belize.
Other projects involve the development of housing infrastructure and the construction of the Wismar Bridge in Guyana, the reconstruction and rehabilitation of St. Jude Hospital in Saint Lucia, the establishment of a healthcare center in South Rivers, and the creation of a cultural and artistic center with a market for handicrafts and agricultural products in Belle Vue, Saint Vincent and the Grenadines.
There is also a project for the rehabilitation of infrastructure in the capital of Dominica, Roseau.
In the educational aspect, Saudi government universities allocated 294 seats for students from CARICOM.
The convening of the summit will contribute to coordinating mutual support for various international nominations of the Kingdom and CARICOM, including Saudi Arabia’s bid to host Expo 2030.
It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia’s tourist attractions.