Saudi Arabia’s Minister of Investment, Khalid Al Falih, pointed to the “remarkable” growth in Spain’s GDP over the past two years, calling Spain “a country at the forefront of Europe.” “Saudi companies see Spain as a gateway to Europe and Latin America,” he said at the Spain-Saudi Arabia Business Conference, held at the Spanish Chamber of Commerce headquarters and co-organized by the Spanish Minister of Trade, ICEX Spain Export and Investment and CEOE during his visit to Spain.
The Saudi Investment Minister underscored his country’s role as a “platform” for Spanish companies to the Middle East, stressing that “more than 200 Spanish companies are doing business in Saudi Arabia.” Khalid Al-Falih also recalled that Spanish companies have already won more than $70 billion in contracts in Saudi Arabia, but said the number of contracts and exports “has the potential to grow even further.” “Saudi Arabia is open for business and investment and is ready to welcome companies and promote joint trade and investment agreements,” he assured.
Meanwhile, José Luis Bonet, president of the Spanish Chamber of Commerce, highlighted the “fundamental role” that Spanish companies “have played and will continue to play” in diversifying the Saudi production system and strengthening its competitiveness. “Saudi Arabia is embarking on an ambitious economic transformation process that will position it as a reference and force at regional and global level.” The Spanish Chamber president also pointed to the goals set out in the Vision 2030 plan, the existence of a regulatory and incentive framework favorable to private investments, and the public investment plan in infrastructure and services. “As the Spanish Chamber of Commerce and business organizations, we want to join this commitment and continue to support the work of the Spanish-Saudi Business Council and its dialogue with both governments, redouble our commitment to the public-private partnership that we defend and represent,” Bonet concluded.
CEOE Vice President Julián Nunez also stressed that Saudi Arabia is a very attractive market due to its abundant resources, ambitious national infrastructure plans and, above all, an economic and business diversification policy with a strong interest in expanding the private sector. He also congratulated the Saudi Arabian government for its ambitious Vision 2030 plan to diversify and modernize the Saudi economy by developing public services, infrastructure, opening up to tourism and promoting the entertainment industry.
He stressed that Saudi Arabia’s opening up to the world has created a unique investment environment and, in this sense, emphasized the importance of public-private partnerships in implementing new projects in the country, which will facilitate their launch and implementation.
Finally, he pointed out Spain’s great potential, noting that its infrastructure companies are world leaders and the importance of the Middle East and Saudi Arabia in its business data.
Alicia Varela, director general of International Trade and Investment, agreed, saying that “Saudi Arabia is our main trading partner in the Middle East and our main supplier and customer in the region,” reiterating that the Saudi Arabian Vision 2030 strategy to diversify the economy offers great opportunities for Spanish companies.
The conference, which was attended by 200 Spanish and Saudi Arabian companies and was held to strengthen trade relations and investment flows between the two countries, featured several roundtables discussing the Saudi Arabia’s business environment, keys to setting up a company and success stories of Spanish companies operating in the country.
The day concluded with information sessions on specific sectors.
Architecture/Construction/Engineering, Waste and Water Management, Renewable Energy, Agriculture and Food Processing.
