World Economy

Saudi-French Trade Rising

Saudi-French Trade RisingSaudi-French Trade Rising

Investments and trade between Saudi Arabia and France have marked a significant increase, according to French Ambassador Bertrand Besancenot.

In fact, France is one of the largest European countries actively promoting economic relations with Saudi Arabia, especially in technology, energy, infrastructure, transportation and training, Saudi Press Agency reported quoting the French envoy.

Making a statement on the occasion of the visit to France by a Saudi trade delegation, the envoy said the “high-level and important” relationship between the two countries had resulted in doubling the bilateral trade volume to more than 10 billion euros in 2014, an increase of 10 percent compared to 2013.

The ambassador said the two countries have signed a number of agreements in the field of protection and promotion of investments. “Investments between the two countries are important as France represents the third investor in the country, where the FDI (foreign direct investment) amounts to $15.3 billion compared to 900 million euros Saudi investment in France, the ambassador stated.

French companies, with about $15 billion in investments in Saudi Arabia, have the highest rate of Saudization in their work forces compared to other foreign firms, according to Mohammed Binladin, head of the Saudi-French Business Council (SFBC).

Addressing an SFBC meeting recently, he said there are more than 80 French companies operating in the Saudi market in various sectors and employing at least 27,000 Saudis.

This indicates the keen interest of France to support that country’s efforts in providing jobs, skills development, training and diversification of industries and building the national economy.

He said preparation is under way to hold the Second Saudi-French Business Opportunities Forum which is being organized by the ministry of commerce and industry and expected to be held later this year in Riyadh.