Saudi Arabia and Germany Strengthen Economic Ties in Finance Sector
In a bid to bolster their economic cooperation, officials from Saudi Arabia and Germany engaged in high-level talks focused on the finance sector.
The Kingdom’s Investment Minister Khalid Al-Falih met with Germany’s Finance Minister Christian Lindner to discuss advancing investment relations, strengthening cooperation, and addressing mutual interests in this critical area.
Germany exported €705 million ($775.5 million) worth of goods to Saudi Arabia in June, with imports from the Kingdom totaling $180.4 million, resulting in a trade surplus of $595.1 million, according to the Observatory of Economic Complexity.
Germany’s exports to Saudi Arabia saw a $89.5 million increase over the past year, while imports from the Kingdom dropped by $116.6 million, reflecting shifting trade dynamics.
In a post on his X account, Al-Falih referenced his meeting with Lindner, stating: “… we discussed ways to develop and advance investment relations between our two countries in a number of vital sectors of common interest, especially the financial sector.”
Al-Falih also met with German Vice Chancellor and Minister for Economic Affairs and Climate Action Robert Habeck to explore new avenues for collaboration, underscoring the commitment to deepening bilateral financial ties.
Additionally, Al-Falih engaged with Jorg Kukies, state secretary at Germany’s Federal Chancellery, to discuss strategies for strengthening economic relations and participated in a roundtable meeting with leaders of German companies across various sectors.
The minister highlighted the diverse investment opportunities available across various sectors and attended the NUMOV MENA 2024 conference, focusing on Saudi-German collaboration in emerging and advanced technologies.
NUMOV, Germany’s oldest and largest organization promoting economic development with the Near and Middle East, has supported bilateral business relationships for 90 years. Al-Falih also participated in the board meeting of the Arab-German Chamber of Commerce and Industry, discussing the partnership between the two countries and the Kingdom’s ambitious plans under Vision 2030.
He also covered developments in key areas such as renewable energy, biotechnology, and artificial intelligence.