Saudi Arabia's partnership with French companies will have a direct impact on achieving the goals outlined in Vision 2030, said Khalid Al-Falih, the kingdom's Minister of Investment, while stressing the importance of ties with European countries. French National Minister Olivier Beckett said Saudi Arabia is the most important trading partner for European countries in the Middle East.

Al-Falih spoke of the importance of Saudi-France relations as the kingdom seeks to diversify its economy under the Vision 2030 initiative. In 2026, we will celebrate the 100th anniversary of diplomatic relations between France and Saudi Arabia. Many of Saudi Arabia's achievements in Vision 2030 will bear the fingerprints of the Franco-Saudi partnership, the minister said in his opening address to the forum.

Both countries have bold ambitions, and we have every reason to believe that our ambition to achieve Saudi Vision 2030 and France's Plan 2030 will be realized, especially with both countries under the guidance of King Salman, His Highness Crown Prince Mohammed bin Salman enjoying strong dynamic leadership, and France under the guidance of Emmanuel Macron.

In his speech, Al-Falih noted that the trade volume between Saudi Arabia and France in 2022 was 11 billion euros, an increase of 47 percent compared to 2021. He further noted that France is currently the third largest investor in Saudi Arabia, with an investment of 15 billion euros. We have more than 110 French companies in Saudi Arabia. "We have 360 licenses, which have been granted to French wholly owned companies or French joint ventures operating in the kingdom, and their presence has expanded by 43 percent since 2020," Al-Falih said.

The investment minister added that Saudi Arabia's economic and investment performance, which is in line with the targets outlined in Vision 2030, has already begun to show results and the kingdom is expected to achieve many of its economic diversification goals earlier than planned.

According to Al-Falih, France and Saudi Arabia have strong ties in various fields, including energy, transport and aviation, as well as education and the arts. The minister said an investment forum like this will take these relations to new heights.

Saudi Arabia is France's most important trading partner

Speaking at the forum, Beckett insisted that Saudi Arabia and France should continue to work together to maintain the momentum of economic and trade relations and stressed the role of both countries in ensuring a sustainable future.

France and Saudi Arabia share the goal of strengthening our bilateral relations as much as possible in all aspects. Saudi Arabia is the main destination for French direct investment in the Gulf region, the French minister said.

Becht also praised Saudi Arabia's efforts to ensure sustainability, particularly in its Gigabit projects, including the $500 billion NEOM project for sustainable urban Development.

On climate change, Saudi Arabia and France, as G20 countries, have a responsibility to ensure that finance is available to address this unprecedented global challenge. Sustainable cities can facilitate close cooperation between French and Saudi Arabian companies, Becht said. Our vision is moving in the same direction. It provides an unprecedented opportunity to strengthen our mutual investment and provide know-how and expertise. Our two countries should continue to work together to build a more sustainable future.Editor/XingWentao