Benin and Saudi Arabia have recently signed a memorandum of understanding to strengthen bilateral investments.
The memorandum aims to bolster cooperation and investments, thereby enhancing economic ties between the two countries.
It will encourage cooperation through the exchange of information and regulations regarding investment opportunities.
Additionally, it plans the organization of various events to promote these investments, focusing on three essential pillars: security, predictability, and transparency.
This agreement is part of a broader strategy by the Beninese government to create a business-friendly environment.
According to the International Trade Center (ITC), the trade volume between Cotonou and Riyadh increased from $10.7 million in 2021 to $92.1 million in 2022.