Saudi Arabia and Germany are poised to enhance their economic cooperation in the finance sector following high-level discussions between officials from both nations.
Saudi Investment Minister Khalid Al-Falih met with German Finance Minister Christian Lindner to discuss boosting investment relations and tackling shared interests. This comes as Germany’s exports to Saudi Arabia reached €705 million in June, with imports from Saudi Arabia totaling $180.4 million, resulting in a trade surplus of $595.1 million.
Over the past year, German exports to Saudi Arabia increased by $89.5 million, while imports from the Kingdom decreased by $116.6 million, indicating changing trade patterns. Al-Falih emphasized the importance of these discussions for advancing investment ties, particularly in the financial sector.
Additionally, Al-Falih met with German Vice Chancellor Robert Habeck to explore further collaboration opportunities. The Saudi Ambassador to Germany, Prince Abdullah bin Khaled bin Sultan, attended the meeting, highlighting the commitment to strengthening financial connections.
Al-Falih also held talks with Jorg Kukies, state secretary at Germany’s Federal Chancellery, on enhancing economic relations. He participated in a roundtable with leaders from German companies in sectors such as automotive, energy, manufacturing, and supply chains, discussing Germany’s expansion interests in Saudi Arabia and the diverse investment opportunities available.
The minister attended the NUMOV MENA 2024 conference, which focused on Saudi-German collaboration in emerging and advanced technologies. NUMOV has been promoting economic development between Germany and the Near and Middle East for 90 years.
Al-Falih also joined the board meeting of the Arab-German Chamber of Commerce and Industry, where he discussed the partnership between the two countries and Saudi Arabia’s ambitious Vision 2030 plans, covering areas like renewable energy, biotechnology, and artificial intelligence.