Riyadh, October 23, 2023, In a significant moment, the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, presided over the opening of the Saudi-European Investment Forum. The event brings together a distinguished gathering of princes, ministers, officials, and CEOs from major corporations in both the Kingdom of Saudi Arabia and European Union member states. With the participation of over 1,000 representatives from the public and private sectors, the forum promises in-depth discussions on a range of critical topics.
Among the key subjects on the agenda are the transition to clean energy, the development of net-zero industries, the utilization of natural resources within the Kingdom, and the enhancement of transport and infrastructure. In his inaugural address, Minister Al-Falih highlighted the Kingdom's transformative journey, marked by economic diversification, an increasingly favorable business environment, and enhanced global competitiveness.
Emphasizing the importance and strength of the partnership between Saudi Arabia and the European Union, Al-Falih noted that over 1,300 European companies have invested in the Kingdom, with significant Saudi investments spread across various EU countries. Notably, the European Union's foreign direct investment (FDI) in several sectors in the Kingdom experienced robust growth in 2022 compared to the previous year. Furthermore, bilateral trade between the Kingdom and the EU reached 80 billion euros in 2022, reflecting an impressive annual growth rate of 30%.
The forum's participants are set to engage in comprehensive discussions touching on diverse sectors, including mining, manufacturing, supply chains, tourism, culture, sports, small and medium enterprises, entrepreneurship, and the health sector, encompassing aspects like service delivery, industry, biotechnology, as well as the digital economy and artificial intelligence.
The event will also feature specialized workshops tailored to various industries, with expectations of several pivotal partnership agreements and memorandums of understanding to be forged by both public and private entities. The Saudi-European Investment Forum stands as a testament to the enduring and mutually beneficial ties between Saudi Arabia and the European Union, reflecting a commitment to economic growth, innovation, and cooperation across a spectrum of sectors.
