Amid fears that European economies would face a recession as a result of the Russian-Ukrainian war, economists expected that the Saudi-French talks would enhance strategic partnerships that will help stabilize global energy and oil markets, and reduce the challenges facing food supply chains.
Dr. Mohammed bin Laden, Chairman of the Saudi-French Business Council, stressed that the visit of Saudi Crown Prince Mohammed bin Salman to France would boost aspects of cooperation in all fields.
“The talks between the Crown Prince and Macron in Paris will confirm the development of Saudi-French partnership, in order to serve the objectives of Saudi Vision 2030,” bin Laden told Asharq Al-Awsat.
He also said he hoped that the visit would see the signing of agreements in various fields, including commercial cooperation, noting that the Joint Business Council launched a plan to create opportunities and encourage French companies to invest in the Kingdom.
Bin Laden said the volume of trade exchange between Riyadh and Paris witnessed remarkable acceleration in the last period, exceeding the threshold of 10 billion euros.
In his regard, he said France ranked third among major foreign investors in Saudi Arabia, with investments worth USD 15 billion in a variety of fields, covering water desalination, energy, security, and agriculture, in addition to the public transport project in the city of Riyadh.
According to bin Laden, about 80 French companies are working in Saudi Arabia, employing more than 30,000 people, with a localization rate of 36 percent.
Saudi businessman Abdullah Al-Malehi said the upcoming talks between Crown Prince Mohammed and Macron would address regional and international developments and bolster efforts to confront common challenges and maintain security and stability in the region.
He added that the results would reflect positively on the stability of the economy and global energy markets, in wake of the repercussions of the Russian-Ukrainian crisis.
