The 39th session of the Joint Saudi-French Business Council started on Monday in France, at the presence of the Saudi Minister of Commerce and Investment Majid al-Qasabi and Minister of Transport Nabil al-Amoudi.
Speaking before the council, Qasabi said that France has historical relations with Saudi Arabia, whether political, cultural, commercial and touristic. He pointed out that the value of trade exchange between the two countries reached SR210 billion during the past five years.
He emphasized that the Saudi market is attractive and promising for many international companies and described Vision 2030 as a vision of a socio-economic and political structure that seeks to take the Kingdom to a global dimension.
Qasabi reviewed the opportunities that resulted from this economic transformation, such as mining, culture, tourism and leisure, as well as the logistics sector, reiterating that the Kingdom welcomed international companies in general and French companies in particular.
The minister pointed out that so far 179 French companies have been licensed to invest directly in the Kingdom.
For his part, Minister of Transport Nabil al-Amoudi gave an overview of the transportation sector in Saudi Arabia and the role of French companies in developing this important sector. The new transport sector is a system that includes technology, logistics and transportation.
Vision 2030 seeks to make Saudi Arabia a global logistics center linking three continents: Asia, Europe and Africa.
The Ministry of Transport is responsible for developing the sector in a manner that encourages investment by the private sector. He pointed out that the ministry focuses on three main axes: execution of major projects like roads; financial sustainability, which includes privatizations and participation of private sector; and the completion of procedures.
He pointed out that the new transport strategy has been completed, and in 2020 the transport sector will need investments of more than SR115 billion. French companies will have a very promising role investing in this sector and importing technology to the Kingdom.
The minister revealed there is a current study of the transport sector within the main cities in the Kingdom, and buses will be introduced within the coming two years in some cities.
French Minister of Foreign Affairs Jean Lemoyne delivered a speech in which he lauded the volume of trade between the two friendly countries and the recent changes in the Kingdom which contributed to creating great economic opportunities in the Kingdom and in France.
He praised Vision 2030 and the changes and initiatives undertaken by Saudi Arabia so far, praising the new projects in the Kingdom, especially in tourism.
The minister expressed his country's readiness to participate in these projects, given that France ranks top in tourism.
Also, President of Saudi-French Business Council Mohammed bin Laden praised the visit of Crown Prince Mohammed bin Salman to France, stressing that the visit will enhance the Kingdom's efforts in diversifying the national economy, achieving the aspirations of Saudi Arabia's Vision 2030 and attracting foreign investments to the Saudi market.
"On the sidelines of the Crown Prince's visit to France, the Saudi-French Business Council will hold its meeting in Paris, with the participation of Saudi and French businessmen, to discuss aspects of cooperation in various fields," added bin Laden.
Trade cooperation between France and Saudi Arabia during the past ten years increased from $6.3 billion in 2005 to $8.3 billion dollars in 2016, of which $4.9 billion are Saudi imports from France and $3.4 billion Saudi exports to France, according to Chairman of the Council of Saudi Chambers Ahmed al-Rajhi.
Rajhi added that there is an important trade and investment partnership between the Kingdom and France.
"We believe the government and private sectors in both countries are keen to develop them [trade partnership] to suit the economic status, opportunities and economic potential of the two friendly countries,” he said.
For her part, member of Business Facilitation Committee Iman al-Mutairi introduced the committee and its goals to improve the business environment, develop the private sector, and raise the level of its contributions to the national economy.
She explained the committee includes 39 government entities that seek to empower and develop the private sector under the chairmanship of Minister of Trade Qasabi. The committee's objectives are consistent with the objectives of Vision 2030.
Several workshops were held on the sidelines of the meeting entitled "The French-Saudi Partnership in Action from the Transport and Industry Perspective" with the participation of the Ministry of Trade and Investment, Saudi Arabia Basic Industries Corporation (SABIC) and the Saudi Industrial Investment Company. The workshops discussed means of cooperation between Saudi-French sectors, and each side reviewed its efforts to support and enhance the Council's content and initiatives to support Vision 2030 and enable industrial investment opportunities.
