The Council of Saudi Chambers discussed on Wednesday mechanisms of implementing the initiative for EU-GCC dialogue on economy diversification and joint cooperation between the Kingdom and the European Union to attract investments.
The Vice-President of the Council of Saudi Chambers, Munir bin Mohammed Nasser bin Saad, discussed with the team leader and trade and foreign direct investment specialist from the consulting firm GFA, responsible for the implementation of the project "Dialogue between the EU and the GCC countries on economic diversification".
At the beginning of the meeting, Saad stressed the keenness of the Saudi business sector to strengthen cooperation with the European Union and its other institutions based on the strong relations between the Kingdom and the European Union.
He noted that the support of the Council of Saudi Chambers as the umbrella of the private sector in the Kingdom for all initiatives and projects contributes in improving trade exchange and volume of joint investments between the two sides in the light of the vision of the Kingdom 2030.
Saad also expressed his happiness with the meeting because it establishes constructive and fruitful cooperation between the Saudi private sector and its counterpart in the European Union by harnessing the huge wealth and potentials enjoyed by the two parties.
He indicated that each side has a number of ideas and initiatives to activate and revitalize investment scopes, especially in the field of supporting and developing SMEs (small and medium enterprises).
He pointed out that the Kingdom is one of the most important markets in the Middle East given its vibrant economy and advanced position worldwide.
The meeting witnessed wide-ranging discussion dealing with economic cooperation between the Kingdom and the EU on supporting economic diversification and attracting investments for both sides and establishing an electronic platform for the private sector of the EU and the private sector in the Kingdom and the GCC countries.
There is cooperation between Saudi Arabia as part of the GCC and Europe, in accordance with the 1988 cooperation agreement aimed at enhancing stability and expanding economic and technical cooperation, said Co-chairman of the Saudi-British Joint Business Council Sheikh Nasser Al-Mutawa.
The Gulf is the fourth largest export market of the European Union, while Europe is the largest trading partner of the Gulf states.
The agreement aims at increasing cooperation in the fields of industry, trade, services, energy, agriculture, fish production, investment, technology, environment and science, as well as cooperation between universities, companies, media and other vital fields.
Al-Mutawa called for active macroeconomic dialogue between the EU and the Gulf countries to promote macroeconomic stability, fiscal aspects of single currency, public financing, customs union and the single market.
According to al-Mutawa, 50 percent of Europe’s total exports are sent to Gulf states, including electric appliances, mechanical equipment, machinery and equipment. Oil and oil byproducts account for 70 percent of EU imports from the Gulf.
In light of current conditions of global trade affected by the US trade war with Iran and Brexit, creates a race among European countries to win mega projects in the Kingdom and other Gulf countries, he added.
