The body will aim to open new areas for economic cooperation, facilitate continuous interaction between the Saudi and Greek business sectors, and remove obstacles to doing business.

The new council will also exchange information on available markets and investment opportunities, enable commercial and investment partnerships, and provide recommendations to the relevant authorities in the two countries to improve economic relations.

The agreement stipulates that the joint business council will consist of representatives of Saudi and Greek business owners interested in investment and trade, and the council will hold periodic meetings in Riyadh and Athens to discuss opportunities for trade and investment cooperation between the two countries.

Greek exports to Saudi Arabia slumped to $339 million in 2020 from more than $800 million in 2019, according to the United Nations Comtrade database. Of that, $202.5 million was fuel and distillates and $18.6 million was vegetable, fruit and nut preparations.

Saudi Arabia exported $184.2 million of goods to Greece in 2019, $111.9 million of which was plastics, followed by $47.5 million of copper.