Layan Damanhouri
Saudi Gazette
RIYADH — The second Saudi-French Business Opportunities Forum started here Monday at the Ritz Carlton Hotel.
The forum brings together Saudi ministers, key decision makers in commerce and industry in addition to prominent members of the local business community.
With the Kingdom currently the largest oil supplier to France in addition to an estimated 80 French companies operating in Saudi Arabia, the two countries seek to further bolster economic ties in this year’s forum.
In 2015, the bilateral trade reached approximately SR 42 billion (10 billion euros).
French investments in Saudi Arabia accounts to more than SR 74 billion in 207 projects, including joint ventures.
A range of aspects of trade and commerce are to be discussed, including promoting sustainable economic growth, building sustainable and smart cities, and expanding relations in Saudi-French aviation, among others.
Participants will also review business opportunities in agriculture, healthcare, information technology, nuclear and renewable energy, as well as financial and banking investments.
On its second round, the forum also convenes in the new reign of Custodian of the Two Holy Mosques King Salman, during which the Kingdom leads a new economic approach.
The first forum was held in Paris in 2013, during which agreements were made on infrastructure projects. France’s role in the projects has a share in building Riyadh’s public transportation projects including subway and buses, in addition to wide water supply work.
Organized by the Ministry of Commerce and Industry with the collaboration of the Council of Saudi Chambers and the Saudi French Business Council, the forum aims to focus on projects in the Kingdom’s current economic strategy which lies in economic diversification, the use and establishment of new technologies and information, switching to a knowledge-based economy, providing business opportunities through training the Saudi youth, and promoting small and medium size enterprises.
