Dr. Al-Kassabi Heads Participating Kingdom delegation in 38th Session Meetings of (COMCEC)

His Excellency Dr. Majid bin Abdullah Al-Kassabi, Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade headed the participating Saudi Arabia delegation in the thirty-eighth ministerial session of the Standing Committee for Economic and Trade Cooperation of the Organization of Islamic Cooperation(COMCEC) which held on 28-29 November 2022, to discuss several of economic topics for member countries of the Organization of Islamic Cooperation(OIC).

During the visit, the Kingdom and the member countries of (COMCEC) are seeking to assert the main objectives of this session, which include addressing economic challenges facing the Islamic nation, contributing to the development efforts of member countries, improving and disseminating knowledge, sharing experiences, best practices, and prospectives, bringing policies adopted by member countries closer. In addition, the role of COMCEC Committee considers one of the most important specialized committees in economic and commercial cooperation fields among the member states during the COVID-19 pandemic.

Dr. Al-Kassabi held multiple bilateral meetings with his ministerial counterparts and several senior government officials. In addition, he held bilateral meetings to strengthen and develop partnership and cooperation fields among member countries, thereby member countries gain advantages and overcome obstacles. These meetings were with Islamic organizations and institutions, which include the Islamic Development Bank, the Islamic Chamber of Commerce, Industry and Agriculture, the Islamic Center for Development of Trade, and the Islamic Corporation for the Insurance of Investment and Export Credit.

It is worth noting, the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) considers one of the four Standing Committees of the OIC, COMCEC was established in Mecca, in 1981. COMCEC has 57 Member Countries as well as 5 Observer Countries which are spread over four continents.

Furthermore, the volume of trade exchange between the Kingdom and the OIC countries in 2021 has reached 348 billion$, as the volume of non-oil exports is 64 billion$ and the volume of imports reached 123 billion$.