Saudi Arabia and Greece aim to increase their economic, investment, and trade cooperation.
The Saudi Ministry of Investment organized Sunday the Saudi-Greek Investment Forum in Riyadh, with top officials, executive directors of several large Saudi and Greek companies, and representatives of the private sector from both sides.
The event aims at introducing investment opportunities and reviewing aspects of the development of the business environment in the Kingdom.
Saudi Minister of Investment Khaled al-Falih confirmed to Asharq Al-Awsat that the Saudi economy is experiencing steady growth during the first five years of Vision 2030, coupled with fundamental reforms.
Falih said that the National Investment Strategy will allow local and foreign investors to take advantage of available opportunities through sectoral activities, noting that the volume of investments predicted in the following years, until 2030, is about $3.3 trillion, fully available for foreign investors.
Overcoming crises
The Minister pointed out that the Kingdom was able to overcome several crises that struck the whole world over the past few years, especially the health crisis triggered by the coronavirus pandemic with its impact on the economic situation in 2020.
The Saudi economy is moving towards more development and growth, said the Minister.
Greek cooperation
Falih addressed the Saudi-Greek cooperation, saying Athens' economy is based on tourism, energy, marine industries, and construction sectors which are the four most important sectors and the center of the Saudi-Greek Investment Forum.
The Forum was held Sunday over four sessions bringing together leaders from the private and public sectors.
The official expects the Forum to yield investment opportunities to benefit both countries.
Investment Incentives
The Greek Minister of Development and Investment Adonis Georgiadis and Greek deputy minister for economic diplomacy Kostas Fragogiannis affirmed that the political will in the two countries seeks to push bilateral relations to a broader economic and political scale, in light of incentives and guarantees to encourage and protect mutual investments.
The two officials stressed the partnership strategy between Riyadh and Athens given the available opportunities in the two countries, stressing that Greece is ready to move Saudi exports to European markets and nearby regions.
They noted that both governments launched several initiatives and reforms to attract investments, expecting trade growth during the coming period.
Framework for Cooperation
"We have reached a map that clearly and effectively frames our economic, investment, and trade cooperation with the Saudi side," said Greek Deputy Minister of Tourism, Sophia Zacharaki.
Zacharaki told Asharq Al-Awsat: "We look forward to working in the coming period to sustain development, develop tourism, and digitize the sector."
She noted that now is a suitable time for developing bilateral relations to broader horizons, especially in a post-coronavirus time.
The Deputy Minister announced a significant Saudi investment in the Greek tourism sector and other industries, with facilities that increase the number of tourists, exchanged visits, and direct flights between the two countries.
She stressed that the Kingdom had demonstrated great seriousness in implementing the Vision 2030 programs, noting that her country is already seeking to deepen and grow partnerships.
Targeted Sector
Zacharaki expects the tourism sector to recover and increase its growth to eight percent, which means the recovery of €15 billion in direct income following the development of the industry and the establishment of new hotels.
"In 2021, revenues increased by six percent compared to 2019, which means that €11 billion were obtained directly from those who chose Greece as their destination," said the official, adding that despite the geopolitical and geospatial conditions in the region, "the sector grew about 80 percent compared to before the [coronavirus] pandemic."
Real Partnership
For his part, Chairman of Saudi Chambers Ajlan al-Ajlan stressed that the size of investment, commercial, and economic opportunities in the Kingdom and Greece made the Investment Forum a real opportunity for a strong partnership.
In an interview with Asharq Al-Awsat, Ajlan stated that the volume of trade exchange between the two countries grew by 61 percent to reach $1.8 billion, which means there is a great scope for increasing trade exchange, especially in vital sectors, topped by tourism, logistics, and agriculture.
The Chairman pointed out that Greece supports investment in light of the firm will of the leadership and the government in the two countries to advance bilateral cooperation to broader and more wide horizons.
The two leaderships also seek to support the private sector in both countries, which means strengthening their cooperation with an integrated and precise plan.
Investment Strategy
The Saudi Ministry of Investment disclosed at the Forum that 14 Greek companies are investing in the Saudi market in energy, renewable energy, and tourism.
The Forum included sessions to discuss the future of energy, renewable energy, transportation and services, logistics, the future of tourism, construction, and innovation sectors.
Saudi and Greek top investment officials held talks in the Saudi capital to discuss cooperation.
Several bilateral meetings between government agencies and the private sector from both sides were held on the sidelines of the Forum to discuss opportunities for cooperation, partnership, and the promising investment opportunities available in the two countries.
