Critical minerals and energy have emerged as central pillars of a new Canada-Saudi Arabia trade push, with the two countries signing more than C$1 billion ($1.08 billion) in commercial agreements during Prime Minister Mark Carney’s visit to Jeddah this week.
The visit, the first by a Canadian prime minister to Saudi Arabia in 26 years, resulted in 13 commercial agreements and memoranda of understanding spanning mining, clean energy, infrastructure, artificial intelligence, defence, healthcare, and education.
The trade package forms part of Canada’s strategy to diversify trade beyond the US and attract foreign investment into strategic industries.
Saudi Arabia is also seeking international expertise and investment as it develops mining into a key pillar of its Vision 2030 economic diversification strategy.
“Canada and Saudi Arabia have both embarked on ambitious new missions to transform their economies,” Carney says.
“We are harnessing each other’s strengths across minerals and mining, technology, energy, and commerce. Canada has what the world wants.”
The two governments also agreed to conclude negotiations on a Foreign Investment Promotion and Protection Agreement by early 2027 to encourage two-way investment.
Negotiations have also begun on a double taxation agreement aimed at reducing barriers to cross-border trade and investment.
Write to Jackson Chen at Mining.com.au
Image: Mark Carney | X
