$11.5 billion.. Riyadh and Paris expand trade exchange

The Saudi-French Investment Forum witnessed the signing of 24 agreements between Saudi and French companies, with the aim of exchanging experiences between Riyadh and Paris in the implementation of modern projects that are compatible with scientific progress in the modern era.

Coinciding with the visit of Saudi Crown Prince Mohammed bin Salman to the French capital, the Federation of Saudi Chambers organized a visit of a delegation of 25 companies to France to discuss strengthening trade and investment relations between the two countries.

The Saudi Crown Prince will also lead his country's delegation to the "For a New Global Financial Pact" summit, which will be held in Paris on the 22nd and 23rd of June.

110 French companies operating in Saudi Arabia

During his participation in the Saudi-French Forum, Saudi Investment Minister Khaled Al-Falih said that there are more than 110 French companies operating in Saudi Arabia, in addition to the issuance of 366 wholly-owned licenses for companies or joint ventures from France operating in the country.

Third largest investor

Khaled Al-Falih indicated that it attracted 15 billion euros ($16.38 billion) of foreign direct investment from France, which makes it the third largest foreign investor in Saudi Arabia.

He stressed that French investments in Saudi Arabia continue to grow, and that Riyadh has all the factors to strengthen bilateral relations with France.

Al-Falih continued, "Vision 2030 contributed to doubling foreign investments, while France is the seventh largest economy in the world, and ranks first as the best destination in the European Union for foreign direct investment.

With regard to Saudi-French bilateral relations, we achieved 11 billion euros ($12 billion) of trade during 2022, a growth rate of 47 percent year on year.

Over the past 20 years, the Saudi-French Business Council has contributed to strengthening the trade and investment partnership between the Kingdom and France.

Volume of trade exchange

The volume of trade exchange between the two countries reached 43.3 billion riyals ($11.5 billion), and Saudi exports to France are growing by 80 percent.

The forum aims to enable Saudi and French government officials and private sector companies to discuss major investment opportunities in various sectors, while highlighting the progress made by each country in its economic development plans.

The Forum will also hold its sessions in conjunction with an official reception for delegates of 179 member states of the Bureau International des Expositions, the organizing body for international Expo exhibitions, in Paris.

For his part, Saudi Minister of Tourism Ahmed Al-Khatib expected, during his speech at the forum, that the tourism sector in his country would grow by 130 percent by 2032, expecting Saudi tourism to reach record numbers next year.

The minister indicated that Saudi tourism numbers currently exceed pre-pandemic numbers, noting that Riyadh targets 100 million visitors annually, within the goals of "Vision 2030".

He also pointed out that the Kingdom is working to benefit from technological development in serving the field of tourism, by facilitating entry procedures to the Kingdom.