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Saudi Arabia, France to Increase Cooperation in Technology, Energy, Industry

The Chairman of the Saudi French Business Council at MEDEF, Laurent Germain (Asharq Al-Awsat)
The Chairman of the Saudi French Business Council at MEDEF, Laurent Germain (Asharq Al-Awsat)
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Saudi Arabia, France to Increase Cooperation in Technology, Energy, Industry

The Chairman of the Saudi French Business Council at MEDEF, Laurent Germain (Asharq Al-Awsat)
The Chairman of the Saudi French Business Council at MEDEF, Laurent Germain (Asharq Al-Awsat)

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.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.