RIYADH, 19 November 2006 — Hussein Al-Athel, secretary- general of the Riyadh Chamber of Commerce and Industry, inaugurated yesterday a two-day matchmaking dialogue between Saudi and German businessmen at the Riyadh Sheraton Hotel.
Under this program, representatives from 14 visiting German companies will hold numerous business-to-business meetings in Riyadh, Jubail and Dammam through Thursday.
“Germany, which is our third-largest trading partner after United States and Japan, is our main partner in Europe,” said Al-Athel. “We have been trading with Germany since the early 20’s without any problems since the country provides us with quality and reliable products and services.”
While addressing the guests at the inaugural ceremony, Al-Athel recalled that Saudi-German ties date back to 1921’s friendship treaty. “These relations were further promoted in 1931 through diplomatic relations with the establishment of German Consulate Office in Jeddah, and they continued with the exchange of bilateral visits of heads of state beginning in 1950,” he said.
Saudi imports from Germany increased last year to SR18 billion ($4.8 billion) from SR9.2 billion ($2.45 billion) in 2000.
“This is expected to grow continuously, since Saudi imports during the first eight months in 2006 have already crossed SR13.1 billion ($3.5 billion). There are more than 200 joint ventures that have brought in more than SR10 billion ($2.67 billion) to the Kingdom.”
Gerd M. Doepner, delegate of Riyadh-based German Industry and Commerce, said Saudi efforts in Germany are paying off. “The opening of an investment promotion office in Frankfurt six months ago by Saudi Arabian General Investment Authority (SAGIA) has attracted a large number of German investors toward the Kingdom in search of viable projects,” he said, adding that German businessmen will participate in the $624 billion worth of infrastructure development projects that will be undertaken in the Kingdom in the coming years.
Referring to the current visiting delegation, Doepner said the executives of German companies would scout for business and joint venture possibilities.
“More than 150 Saudi companies have confirmed participation in the event and the visiting team hopes to do good business with its counterpart,” he said.
The delegates include manufacturers of industrial pumps and tools, petrochemical extraction systems and upmarket outdoor furniture. Also represented are producers of health food and specialists in automation and networking systems, besides distributors of IT systems and software developers.