Riyadh, Saudi Arabia — Forty companies from Saudi Arabia and German discussed investment opportunities in the two countries in a meeting hosted by the Federation of Saudi Chambers (FSC), at its headquarters on Tuesday.Â
The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions, innovation, vehicles, medical technologies, energy, technology, and artificial intelligence.
Speaking on the occasion, Dr. Abdurahman Al-Zamel, head of the Saudi side, discussed investment opportunities available for German companies in all sectors.Â
Volker Lenweber, Managing Director of Foreign Trade for the Bavarian Industry Association, expressed interest in enhancing business relations with Saudi Arabia, particularly in the industrial sector. He noted that Germany’s cutting-edge products and expertise can significantly contribute to the success of industrial projects in the kingdom.
Germany is one of the Kingdom of Saudi Arabia’s most important trading partners. The two countries have an institutional base for their economic ties represented by the Saudi-German Joint Committee and the Saudi-German Business Council, in addition to a number of memoranda and cooperation agreements.Â
The volume of commercial exchange between the two countries reached some SAR28.5 billion in 2020. In terms of exports, Germany ranks 62nd and in terms of imports, 4th for the kingdom.