RIYADH, 6 June 2004 — As Sweden celebrates its National Day today it looks back at a history of excellent ties with Saudi Arabia. Nowhere else is this more evident than in the exchange of visits between Swedish Crown Princess Victoria and Crown Prince Abdullah.
Crown Princess Victoria visited Saudi Arabia this year while Prince Abdullah was in Sweden in 2001.
Over the years, the two countries’ bilateral relations have grown from strength to strength, specially in the trade sector. Over the years, Swedish exports have amounted to more than $700 million a year, making Sweden one of Saudi Arabia’s key economic partners in Europe.
“Bilateral relations are strong in all fields but particularly close in the area of trade and investment,” Ambassador Ake Karlsson said.
The most significant export products are high-tech equipments such as telecom products, machineries, medical products, pharmaceuticals, automotive, food, fuels, chemical and engineering products, clothing, and furniture.
Sweden is also an important supplier of semi-manufactured products and raw materials such as iron ore, wood and paper.
It has contributed to the development of the Kingdom through considerable exports of services and know-how. Many engineers, doctors, dentists and nursing staff are also working in the Kingdom’s hospitals and medical clinics. Swedish engineers have helped in the construction of the roads crisscrossing the Kingdom.
By sharing its expertise, Sweden has also said it is ready to develop the Kingdom’s mining sector.
Infrastructure projects are one area where Swedish companies play a role in the Kingdom, including water and electricity, transportation and telecom. Several Swedish companies are also present through own subsidiaries in the Kingdom and many others are represented by agents or through joint ventures.
ABB, Tetra Pak, Volvo, Alfalaval, Al Rashid Abetong and Crawford Door are some of the well-known Swedish companies operating in the Kingdom.
Ericsson has considerable projects in the telecom sector, and ABV Rock has committed a large number of Swedish and foreign specialists to a strategic oil storage project in Saudi Arabia. Furniture giant IKEA, meanwhile, is a good example of a successful franchising operation in the local consumer sector.
Exports from Saudi Arabia to Sweden consist essentially of crude oil and petrochemicals.
Important Saudi investments in Swedish industry and in the real estate market have also contributed to the extensive economical and commercial cooperation between the two kingdoms.
Needless to say, Saudi Arabia is Sweden’s biggest trading partner in the region.