Saudi Arabia and New Zealand are taking their trade relationship to new heights with $100 million in commercial deals. Trade and Investment Minister Todd McClay led a delegation of 21 New Zealand businesses to the Kingdom to expand partnerships and investment opportunities.
The delegation signed memorandums of understanding with several Saudi companies. These include NIG Nutritionals partnering with Al Dawaa Pharmacies, 26 Seasons collaborating with Qassim Strawberry & Fruit Cooperative Society, and Gallagher Animal Management working with Al Tajweed. These agreements aim to boost trade and strengthen business connections.
Todd McClay emphasized that these partnerships mark a major step in deepening trade ties. He stated that together the deals are expected to generate over $100 million for New Zealand businesses. He added that these agreements reinforce New Zealand as a reliable trade partner and support the country’s goal of doubling export value within ten years.
During his visit, McClay met with Saudi Minister of Investment Khalid Al-Falih to discuss expanding investment links. This meeting builds on the New Zealand–Gulf Cooperation Council Free Trade Agreement concluded last year. McClay highlighted that the trade agreement provides a strong foundation for growing business relationships across the region.
Trade between Saudi Arabia and New Zealand has increased significantly. Exports have grown by 118 percent since 2021. Saudi Arabia now ranks as one of New Zealand’s largest and fastest-growing export destinations in the Middle East, with two-way trade reaching 1.6 billion New Zealand dollars. Dairy products dominate exports at 80 percent, followed by meat at nearly 10 percent.
Saudi Arabia’s dynamic market, valued at $2.8 trillion, drives global transformations through its Vision 2030 strategy. McClay believes that New Zealand’s participation in this market is a major achievement. He described the trade agreement as one of the first the Gulf Cooperation Council has finalized in a long time.
Moreover, McClay attended multiple sideline meetings with the Saudi Public Investment Fund to explore new opportunities. He also visited the Expo 2030 site to learn more about upcoming projects that could benefit both countries. He highlighted that these business deals create lasting connections and set the stage for future collaboration.
In summary, Saudi Arabia and New Zealand are expanding trade and investment. The $100 million commercial deals show strong business growth and reinforce partnerships. These steps strengthen both countries’ economies and offer opportunities for further cooperation.
