Saudi, Germany to promote economic ties

08 Mar 2015

(MENAFN) Saudi Arabia and Germany are set to develop their economic ties, according to an official SPA news report after the two sides met in Riyadh, Gulf News reported.

In 2013, Bilateral trade between Germany and Saudi hit USD12.4 billion, of which Saudi exports reached USD418 million, according to figures provided by the Saudi Finance Minister.

According to the German Vice Chancellor and Economy Minister, Germany is prepared to encourage its role in hopes of diversifying the Saudi economy, particularly in infrastructure, transport and the petrochemicals sectors.

The two countries currently entertain 191 joint projects with a total investment of USD17.2 billion, according to the Saudi Finance Minister who invited German companies to explore further ventures in Saudi.

“The amount of trade and joint investments does not reflect the economic potential of both countries’ economies,” Saudi Finance Minister said after the meeting.

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