The Saudi-EU Investment Forum has reaffirmed its commitment to boosting investments between the European Union and Saudi Arabia focusing on sustainable energy, information and communication technology and critical raw materials. 

 

Convened in Riyadh and co-hosted by the European Union and Saudi Arabia, the Forum recognised the imperative of forging a profounder strategic partnership between Saudi Arabia and the European Union, which is already one of Saudi Arabia’s largest trading and investment partners.

 

Attended by Maroš Šefčovič, the Executive Vice-President for the European Green Deal, Interinstitutional Relations, and Foresight at the European Commission, and Khalid Al-Falih, the Minister of Investment of Saudi Arabia, the Forum agreed to accelerate the development and implementation of sustainable, digital solutions to the benefit of their societies and contribute to global progress.

 

Sustainable energy

Both sides are keen on promoting sustainable energy initiatives, emphasising their commitment to speed up the green transformation of economies and societies.

 

Recognising the importance of the digital age and of investments in ICT both sides will enhance efforts to turn digitalisation into economic opportunities for citizens.

 

Ensuring the availability of critical raw materials is a shared concern, and both parties are committed to addressing this challenge through strategic investments.


 

The forum has underscored the significance of fostering entrepreneurship, recognising it as a driving force behind innovation and economic growth.


 

Mutual benefits

Šefčovič stated: “Together, the European Union and Saudi Arabia can build closer cooperation bringing mutual benefits, with enhanced trade and investment flows, support to the stability of the respective business and investment environments, and further promoting the integration of our economies.”

 

Al-Falih commented: “We are confident that there is a clear convergence between Saudi Arabia’s transformation and Europe’s transition — and that what Europe needs, the kingdom can provide like no other. Where Europe faces challenges or sees opportunity emerging from disruption, the partnership with Saudi Arabia can be a key part of the solution.”

 

The Saudi-EU Investment Forum culminated in substantial exchanges regarding investments in these pivotal sectors of shared interest. These investments underscore the determination of both Saudi Arabia and the European Union to realise their goals and contribute to a brighter future.--TradeArabia News Service