ECONOMY

Berlin seeks new partnerships with Riyadh through Future Investment Initiative

Germany is expecting to send four representatives, including Global President & CEO of Siemens AG Joe Kaeser.

A German diplomat has confirmed that his country will expand its cooperation with Riyadh in various economic, political and security fields during the coming year, pointing out that a large delegation will participate in the Future Investment Initiative, hosted by Riyadh starting Tuesday, to explore new opportunities and partnerships and increase trade and investment between the two countries.

“The bilateral relations are constantly developing at all levels, due to the continuous cooperation between the two countries in reinforcing security in the region, fighting terrorism and other areas such as military training,” Dieter Haller said, the German Ambassador in Saudi Arabia.

The German ambassador expected that the coming year will witness a boom in economic, trade and investment relations between Riyadh and Berlin, pointing out that the current volume of trade exchange between the two countries is 10 billion euros, which was decreased last year due to the reduced oil prices, he looks forward to increase trade and investment movement, According to the “Middle East” newspaper.

Haller pointed to his country’s intention to explore more investment opportunities in the 2030 Saudi Vision programs, in light of the political intention of the two countries’ leaderships to enhance relations between the two countries and to continue exchanging visits between representatives of the official and business sectors, in order to discuss the latest developments at the bilateral level and to promote joint action is an integral part of the regional and international developments.

He pointed out that there are other agreements, including an agreement to localize the advanced industries and the transfer the industries’ technology and computes, signed by Siemens, the German company S-Azbee, the Saudi Ministry of Communications and Information Technology, and the Saudi National Communication Center to implement some of the 2030 Saudi Vision and the 2020 National Transformation programs.

He pointed out that there is an agreement between Siemens and the technical training institution to train the Saudi calibers, in addition to implementing its 2030 vision programs, under the supervision of the Saudi Ministry of Labor. He pointed out that his country hosts 6,000 university and post graduate studies students, in addition to receiving 300 thousand Saudi visitors annually.

He explained that the visit by the German Chancellor Angela Merkel to Saudi Arabia recently, confirmed the cohesion of Riyadh and Berlin in terms of coordination and consultation on pressing issues regionally and internationally, pointing out that the visit resulted in the signing of six agreements and memorandums of understanding security, defense and economic.

He explained that the recent visit by the German counselor Angela Merkel to Saudi Arabia, stressed that Riyadh and Berlin have maintained coordination and consultation on the urgent issues regionally and internationally, pointing out that the visit resulted in signing 6 agreements and memorandums of understanding regarding security, defense and economy.

He highlighted that Berlin and Riyadh have the same positions concerning the regional and international issues, including the Syrian and Yemeni crises, stressing that his country is supporting the efforts calling for positive and serious dialogue, noting that Saudi Arabia plays an important positive role in this direction, to achieve regional stability, security and peace.

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Last Update: Monday, 23 October 2017 KSA 20:36 - GMT 17:36
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