JEDDAH, 16 December 2004 — Saudi businessmen discussed the scope of investment in France at a meeting held at the Jeddah Chamber of Commerce & Industry (JCCI) yesterday.
Top JCCI executives, including Vice Chairman Ghassan Ahmad Al-Sulaiman and Secretary General Mohammed A. Al-Sharif, together with business leaders exchanged views with Clara Gaymard, ambassador, special representative of France for international investment and president of Invest in France Agency (IFA), on the emerging investment scenario in both countries.
Clara in her presentation reflected on the vast opportunities that her country held for Saudi and other overseas investors. She also explained the simplified procedure that the French government has announced for overseas investors, including that related to the establishment of enterprises and taxation.
Al-Sulaiman in his welcome remarks spoke about the close relations between the two countries and referred to the role France has been playing in resolving the Palestine issue. “Your visit has come at a time when the current economic boom in the Kingdom is throwing up many new investment and trade opportunities,” he said. “The market is opening up and is flexible and investment-oriented. You should make use of the opportunities,” he told the delegation.
The visit has come in the context of the bilateral trade that was marked by a drop in French exports to the Kingdom in 2003. French exports decreased by 6.9 percent and imports by 5.9 percent. The decrease in bilateral trade is attributed to the increased value of euro against the dollar. In dollar terms, however, the trade expanded by more than 12 percent. In terms of the total volume of trade, the Kingdom remains France’s second partner in the Middle East region, behind Turkey. The bilateral trade in 2002 reached 3.8 billion euros. France accounts for 4 to 4.5 percent of the Kingdom’s overseas trade.
Clara explained the importance of investing in France because of its location and status in Europe, the continent itself being a vast economic and financial entity.