The Saudi government and the European Union have agreed to speed up efforts for the establishment of a European chamber of commerce in the Kingdom, to be the first of its kind in the region.
Last year, the value of trade exchange between the two sides reached around $84 billion, representing a 30 percent annual growth.
This comes as the Saudi-EU Investment Forum concluded on Monday in Riyadh, in the presence of officials and executives representing major companies in Saudi Arabia and the European Union.
In remarks on the occasion, Saudi Investment Minister Khaled Al-Falih said that coordination with the EU has a vital role in the Kingdom’s ongoing economic transitions, as the Gulf nation is uniquely positioned to meet Europe’s needs “like no other.”
“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” the minister underlined.
He added that over 1,300 European companies have invested in Saudi Arabia, pointing to the presence of major Saudi investments in most EU countries.
For his part, the European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia share an interest in continuing interactions on multilateral trade policy agendas, including the World Trade Organization.
He added that an agreement was reached to accelerate the creation of a European Chamber of Commerce in Saudi Arabia, to be the first in the region.
Luigi Di Maio, EU’s special representative for the Gulf region, emphasized the importance of the relations between the EU and Riyadh, which he said were based on trust, dialogue, mutual respect and practical results.
He pointed to the importance of exploiting all tools and capabilities to foster relations and strengthen sustainable investment.
“Investments and economic development need predictability and a stable, secure environment. This is why the EU stands ready to support all diplomatic efforts and initiatives, such as those led by Saudi Arabia or other nations in the region,” he stated.
