RIYADH — The Ministry of Investment of Saudi Arabia (MISA) hosted a high-profile Austrian investment delegation at the Saudi-Austrian Business and Investment Forum in Riyadh.

The forum coincided with a ministerial visit to the Kingdom by the Austria’s Minister for Digital & Economic Affairs, Dr. Margarete Schrambock.

The Austrian business delegation, headed by Vice President of the Austrian Federal Economic Chamber Richard Senz, included business leaders from more than 30 Austrian companies across a range of strategic sectors, as well as representatives of the Austro-Arab Chamber of Commerce.

Also attending the event was a large and high-level representation from the Saudi private sector.

Designed to showcase investment opportunities, forum delegates heard presentations from executives of NEOM, the Red Sea Development Company, and the Royal Commission for Riyadh City.

Delegates also heard from Austrian companies AVL and Kostad Steuerungsbau GmbH and Saudi entities Petromin and the National Industrial Development Center on the provision of efficient and safe automotive vehicles for the future.

The Austrian National Tourist Office, IMC Fachhochschule Krems (University of Applied Sciences Krems), the Saudi Ministry of Tourism and Saudi tour operator Seera Group also discussed building capabilities to meet the challenges of the tourism sector.

After opening the forum, the Minister of Investment Khalid Al-Falih, commented: “It has been a pleasure to host our Austrian partners here in Saudi Arabia, which reflects the high priority that both our governments place on this strong and fruitful relationship.

“By investing in each other, both countries will benefit from further sector growth, job creation and ongoing prosperity to support mutual sustainable economic development.

“Through the ongoing implementation of Vision 2030 and the Kingdom’s National Investment Strategy, we are unleashing Saudi Arabia’s untapped investment potential and seeking to connect businesses, including those in Austria, with the vast opportunities available in the Kingdom today.”

The Austria’s Minister for Digital & Economic Affairs, said: “It is important to have partners around the world and to have these meetings in person. One important topic that we share is about the next generations of Saudi Arabia and Austria. We need to lay the foundations so that they can strive for the business opportunities that they want to achieve.

“This forum is a very important cornerstone for the future. I am looking forward to participating in the great projects that are there for our common partnership for the future.”

Austria and Saudi Arabia have strong existing economic ties, with considerable potential to further deepen trade and investment relations across leading sectors such as iron products, cast steel, plastics, car parts, pharmaceutical products and electronics. — SPA