JEDDAH, 21 March 2007 — Austria is planning to set up a heavy duty truck assembly plant in Saudi Arabia. “Our negotiations with local partners are in progress and we hope to succeed in establishing the plant in Riyadh,” Hartwig Seuchter, commercial counselor at the Austrian Embassy in Riyadh, told Arab News here yesterday.
We are also gearing up for the Saudi-Austria joint economic commission meeting that is scheduled to be held in Riyadh this year,” he said while introducing Bruno G. Freytag, regional director for Africa and Near and Middle East of Austrian Federal Economic Chamber, and leader of an Austrian trade mission, which toured Riyadh before coming here.
The bilateral joint economic commission meeting took place in Vienna last year and steps are being taken to follow-up its recommendations in a bid to further expand trade and investment between the two countries.
Seuchter said that Saudi businessmen and investors had been showing increased interest in his country. “A Saudi has acquired a mineral water plant,” he said, adding that the development of real estate in both countries had been engaging the attention of investors.
The mission represents 11 companies, most of them coming here for the first time.
They include products like timber, emulsions, enameled steel tanks, cosmetics and body care products, water management, chandeliers and other lighting equipment, security and hospital communication systems and firefighting protective clothing. “The mission offers varied products and services and some of them are keen to enter into business, trade, investment and joint venture arrangements with local partners,” Freytag said.