JEDDAH: Saudi Arabia and Germany are set to strengthen their economic ties in the finance sector following high-level talks between officials from both countries.
The Kingdom’s Investment Minister Khalid Al-Falih met with the European country’s Finance Minister Christian Lindner to discuss advancing investment relations, strengthen cooperation and address mutual interests in this critical area.
This comes as Germany exported €705 million ($775.5 million) worth of goods to Saudi Arabia in June, while imports from the Kingdom totaled $180.4 million, resulting in a trade surplus of $595.1 million, according to the Observatory of Economic Complexity.
Germany’s exports to Saudi Arabia increased by $89.5 million over the past year, while imports from the Kingdom dropped by $116.6 million, reflecting shifting trade dynamics.
Referencing his meeting with Lindner In a post on his X account, Al-Falih said: “… we discussed ways to develop and advance investment relations between our two countries in a number of vital sectors of common interest, especially the financial sector.”
Al-Falih also met with German Vice Chancellor and Minister for Economic Affairs and Climate Action Robert Habeck to explore new avenues for collaboration.
The meeting, attended by Saudi Ambassador to Germany Prince Abdullah bin Khaled bin Sultan, underscored the commitment to deepening bilateral financial ties.
Additionally, Al-Falih engaged with Jorg Kukies, state secretary at Germany’s Federal Chancellery, to discuss strategies for strengthening economic relations.
He also participated in a roundtable meeting with leaders of German companies across various sectors, including automotive, investment funds, energy, manufacturing, and supply chains.
The minister noted that the meeting reviewed Germany’s key expansion interests in the Kingdom and highlighted the diverse investment opportunities available across various sectors.
He also attended the NUMOV MENA 2024 conference, focusing on Saudi-German collaboration in emerging and advanced technologies.
NUMOV, Germany’s oldest and largest organization promoting economic development with the Near and Middle East, has supported bilateral business relationships for 90 years.
The Saudi minister also participated in the board meeting of the Arab-German Chamber of Commerce and Industry, where he discussed the partnership between the two countries and the Kingdom’s ambitious plans under Vision 2030.
He also covered developments in key areas such as renewable energy, biotechnology, and artificial intelligence.
Source: Arab News
