Saudi Crown Prince Mohammed bin Salman's visit to France reflects the desire of both countries to enhance comprehensive cooperation, underlining the strong bilateral ties shared by Paris and Riyadh.
Laurent Germain, Chairman of MEDEF's Saudi French Business Council and CEO of the Egis Group, told Asharq Al-Awsat that boosting economic relations between France and Saudi Arabia tops the agenda of discussions between President Emmanuel Macron and the Saudi Crown Prince.
He explained that over the past years, the areas of cooperation between the two countries have developed and diversified.
The official recalled that in April 2018, France and Saudi Arabia signed an intergovernmental agreement on developing the AlUla region and turning it into a significant cultural and tourist destination in the Middle East.
- Private sector
The CEO expected the France-Saudi Arabia Investment Forum on June 19 to provide an excellent opportunity for related discussions between the private sectors.
The Saudi Ministry of Investment, with the support of the French International Business Confederation, will organize the France-Saudi Arabia Investment Forum in Riyadh.
Germain recalled that the total trade between the two countries amounted to €10.7 billion in 2022, noting that the Kingdom was France’s 29th partner and the 25th supplier in the same year.
He asserted the need to boost economic relations between the two countries.
He said over 100 French companies of all sizes and sectors currently operate in Saudi Arabia, adding that French companies are keen to invest in the Kingdom and move their headquarters there.
- Strong interest
Germain reiterated that French companies are interested in the Kingdom, and Vision 2030 offers a wide range of cooperation opportunities in areas such as infrastructure and renewable energies, including hydrogen, industries, and mining.
Some French companies already provide the most innovative solutions to achieve giant projects throughout the Kingdom, such as the NEOM, AlUla, and Qiddiya.
France is also a land of opportunities for Saudi investors, according to Germain, who indicated that France 2030, the investment plan unveiled in 2021, offers foreign investors direct participation in transforming sectors of excellence.
- Dynamicity
The visit of Crown Prince Mohammed to Paris will support the dynamics of the French Saudi movement.
MEDF International, a leading business network in France, and the Saudi French Business Council are closely cooperating with their partners in the Kingdom and will continue to work to enhance economic exchanges between the two countries.
He noted that MEDEF organized for more than 30 years high-level meetings between French companies and Saudi officials in Paris and organized trade missions in the Kingdom.
The events are always an occasion for French companies to understand the economic ambitions of Saudi Arabia better and explore investment opportunities, Germain said.
- Collective actions
MEDEF International gathers every year about 7,100 French companies already operating in the world in 85 Business Councils headed by 55 CEOs of major international French companies.
It aims at promoting French companies’ know-how abroad through collective actions.
MEDEF International supports trade, technological cooperation, investments, and long-term partnerships, especially in emerging and developing markets and reconstruction markets.
