RIYADH — The Kingdom of Saudi Arabia and Luxembourg will soon form a business council to promote bilateral trade between the two countries, Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry told Arab News yesterday, following his talks with Prince Guillaume, crown prince of the Grand Duchy of Luxembourg who is currently visiting the Kingdom.
The prince, who is leading a 30-member trade delegation including Jeannot KRECKE, minister of economy and foreign trade, met a number of key Saudi officials during his visit. He also met Crown Prince Sultan, deputy premier and minister of defense and aviation, Ali Al-Nuaimi, minister of petroleum and mineral resources, Dr. Hashim Al-Yamani, minister of commerce and industry, Dr. Khalid Al-Qusaibi minister of economy and planning and Riyadh Deputy Governor Prince Sattam who received him at the airport.
“This is going to be the beginning of our trade relations. Based on the discussions between the two parties, I am confident that bilateral business ties can be developed in a way that will benefit both parties,” Jeraisy said, adding that the visit by the first delegation from Luxembourg will be reciprocated soon with a Saudi delegation in order to explore fresh business opportunities.
Describing Luxembourg as a country of dialogue, minister Jeannot KRECKE, hoped that the two countries could make headway toward building a clientele of businessmen interested in developing their interests in either country.
The minister said that there was a wide misunderstanding prevailing among Europeans about trade potential in the Kingdom. “They have underestimated this part of the world,” he said, pointing out that Europeans do not know that this is a vast area full of business opportunities and that the hospitality of its people is so warm that foreign businessmen can engage in business with confidence and security.
Krecke said that Luxembourg had plenty of business projects for Saudi businessmen in funding industries, e-commerce and satellite communications. “We are also prepared to participate in your infrastructure development projects such as construction of roads, rails and bridges,” he said.
He said that in Luxembourg banks were allowed to operate as “universal banks,” with the full range of banking activities on the home market as well as abroad. “It is the largest financial center in the European Union for cross-border distribution of individuals and collective savings and pension products.”
Michel Lastschenko, Belgian ambassador, said that the purpose of the visit was to boost bilateral trade between the two countries and identify new areas of mutual interests. The visiting delegation will hold a businessmen’s dialogue on Wednesday in Jeddah.
Lastschenko hosted a reception in honor of the visiting delegation at his residence in the Diplomatic Quarter Sunday.
Through the Belgium-Luxembourg Economic Union, Lastschenko saidequipment and machinery were exported to the Kingdom amounting to 910 million euros, while its imports from the Kingdom such as petrochemicals and fertilizers are worth 1 billion euros.