Riyadh: The Kingdom's Minister of Investment, Khalid Al-Falih, emphasised the significance of relations with the European country and said that Saudi Arabia's collaboration with French businesses will directly affect the realisation of the goals outlined in Vision 2030.
Al-Falih said in his remarks at the France-Saudi Investment Forum on Monday in Paris that both nations are pursuing their economic objectives under the steadfast leadership of their respective leaders.
Olivier Becht, France's minister for foreign trade, attractiveness, and French nationals abroad, echoed his sentiments when he said that Saudi Arabia is the European country's most significant trading partner in the Middle East.
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Al-Falih emphasised the value of Saudi-French ties as the Kingdom works to diversify its economy away from the oil industry as part of the Vision 2030 plan.
We will commemorate 100 years of diplomatic ties between France and Saudi Arabia in 2026. The minister stated this during his opening remarks at the forum. "Many of Saudi Arabia's accomplishments in Vision 2030 will have the fingerprints of French-Saudi partnerships," he continued.
"Both countries hold bold ambitions, and we have every reason to feel confident that our ambitions to realise Saudi Vision 2030 and France's 2030 plan will be achieved," he continued. "Especially with the strong dynamic leadership that both countries enjoy under His Royal Highness Crown Prince Mohammed bin Salman under the guidance of King Salman, and France under the guidance of Emmanuel Macron."
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Al-Falih mentioned in his speech that trade between Saudi Arabia and France reached €11 billion ($12 billion) in 2022, an increase of 47% from 2021.
He added that France, with investments totaling €15 billion, is currently the third-largest investor in Saudi Arabia.
"According to my records, there are over 110 French companies operating in Saudi Arabia. According to Al-Falih, we have 360 licences that have been given to French companies or joint ventures that are operating entirely within the Kingdom and have seen a 43 percent increase in their presence since 2020.
The Saudi Arabian minister of investments further stated that the country's economic and investment performance has begun to bear fruit in line with the objectives set forth in Vision 2030, and that many of its objectives for economic diversification are anticipated to be accomplished earlier than anticipated.
At the halfway point between the start of Saudi Vision 2030 and its completion by the end of this decade, he said, "The Kingdom's economic and investment performance is very much ahead of schedule."
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Al-Falih asserts that France and Saudi Arabia have strong ties in a number of fields, including energy, transportation and aviation, as well as culture and education.
These kinds of investment forums, according to the minister, will strengthen these ties to new heights.