Saudi Arabia and Spain strengthen their trade relations

The Minister of Economy and Planning of Saudi Arabia, Faisal Alibrahim, has highlighted the interest of his country in “strengthen its partnership with Spain", learn from the country and diversify our economy, our exports, our sources of development." Faisal Alibrahim, made these statements within the framework of the business meeting held on the occasion of his visit to Spain, and organized by Chamber of Spain, the Secretary of State for Commerce, through ICEX Spain Exportation and Investments, and CEOE, which has been attended by a hundred companies. The meeting was attended by Reyes Maroto, Minister of Industry, Commerce and Tourism, who closed this day in which more than 100 Spanish and Saudi companies participated.

 

The Minister of Economy and Planning of Saudi Arabia has explained his country's objective of becoming the 15th economy in the world through the strategic diversification framework “Saudi Vision 2030”, and has invited Spain to participate in its development, "we are interested in strengthening relations with the world." “We have very good prospects on a political, social and economic level,” said Alibrahim while explaining the high level of digitalization in Saudi Arabia: “We rank number two in terms of digitalization among G-20 countries, and Riyadh is one of the top 10 global industrial headquarters.” Alibrahim recalled that the Saudi economy has grown on average by 4,2% in the last 25 years and regulatory processes are being carried out to make investment more attractive and safe.”

 

For his part, Reyes Maroto has highlighted “the excellent level of bilateral relations between Spain and Saudi Arabia, specifically it is our main supplier and client in the region of Middle East".

 

In the business field, the head of Commerce has highlighted the number and magnitude of the projects developed by the Spanish companies in Saudi Arabia, especially during the last decade. “A fundamental element of our mutual economic relationship is collaboration in high-tech projects in the field of the aeronautical and naval industry.” Likewise, the minister has highlighted the experience and great knowledge of Spanish companies that operate in joint consortia to tender projects in the country in sectors such as consulting, construction, transport, tourism, urban infrastructure, environment or water, where experience and know-how of Spanish companies is a very important asset.

 

Finally, Reyes Maroto highlighted that the Saudi administration can count on Spain and its companies as strategic partners and has encouraged Spanish companies to explore the possibilities it offers. Saudi Arabia and Saudi companies to invest in Spain.

 

The presence of Spanish companies in Saudi Arabia is notable, as was highlighted at the meeting and the main fields of activity are construction and engineering.

 

From the Chamber of Spain, its general director, Inmaculada Riera, has pointed out the “moment of great global uncertainties that we are going through, and how Spain and Saudi Arabia, have strengthened their economic cooperation on the basis of common interest, mutual trust and a shared agenda at both the public and private levels.”

 

For Riera, the trade and investment figures between both countries “are a clear indication of the strength and potential of the cooperation we have.” The general director of the Chamber of Spain has agreed to highlight the significant number of Spanish companies operating in Saudi Arabia, how they contribute to the implementation of the “Saudi Vision 2030”. “For their part, Saudi investors have found in Spain a reliable partner for your global operations, benefiting from a favorable business environment, in addition to its competitive advantages in terms of costs.” Riera has also highlighted the platform that Spain represents to reach third markets such as European Union or Latin America, “the agenda is ambitious and the contacts are strong between both Governments for investment,” said Riera.

 

Marta Blanco, president of CEOE International, He also pointed out geopolitical instability and the need to find “global solutions” and advance “international cooperation.” Marta Blanco thanked the Saudi Government for its ambitious “Saudi Vision 2030”, which contributes to development and investment opportunities for “very competitive Spanish companies that can contribute with their experience to develop strategies and create opportunities and synergies.”  The president of CEOE International highlighted that Spain is a bridge for Saudi Arabia to enter new markets: “I hope that this Forum helps identify new opportunities and promote cooperation to establish alliances in order to advance our competitiveness. We need more foreign trade and investment.”

 

Saudi Arabia is the 19th largest economy in the world and the largest in the Middle East, with GDP growth of 12,2%. Economic relations between Saudi Arabia and Spain have deepened in recent years.