Saudi Arabia and Germany are planning to bolster their economic ties in the finance sector following high-level discussions between officials from both countries.
The Kingdom’s Investment Minister Khalid Al-Falih met with Germany’s Finance Minister Christian Lindner to discuss enhancing investment relations, strengthening cooperation, and addressing 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 totalled $180.4 million, resulting in a trade surplus of $595.1 million, according to the Observatory of Economic Complexity.
Over the past year, Germany’s exports to Saudi Arabia increased by $89.5 million, while imports from the Kingdom dropped by $116.6 million, reflecting shifting trade dynamics.
Speaking about his meeting with Lindner, Investment Minister Khalid 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 had a meeting with Robert Habeck, the German Vice Chancellor and Minister of Economic Affairs and Climate Action, to discuss potential new areas of cooperation.
The commitment to strengthening bilateral financial connections was emphasised during the meeting, which was attended by Prince Abdullah bin Khaled bin Sultan, the Saudi ambassador to Germany.
Al-Falih also talked about how to improve business ties with Jorg Kukies, state secretary at the Federal Chancellery of Germany.
Additionally, he took part in a roundtable discussion with executives from German businesses in a range of industries, such as supply chains, manufacturing, energy, automotive, and investment funds.
The minister reported that the discussion covered Germany’s main objectives for expansion within the Kingdom and emphasised the wide range of investment opportunities that exist in several industries.
In addition, he went to the NUMOV MENA 2024 conference, which was about Saudi-German cooperation in cutting-edge technology.
For ninety years, bilateral business partnerships have been promoted by NUMOV, Germany’s oldest and largest organisation encouraging economic development with the Near and Middle East.
The Saudi minister also took part in the board meeting of the Arab-German Chamber of Commerce and Industry, speaking about the Kingdom’s ambitious Vision 2030 objectives as well as the collaboration between the two nations.
He also discussed advancements in important fields including biotechnology, artificial intelligence, and renewable energy.