JEDDAH, 7 April 2008 — A Greek business delegation discussed prospects for investment and partnerships at a meeting at the Jeddah Chamber of Commerce and Industry yesterday. JCCI Secretary General Mustafa A.K. Sabri said the Kingdom, with its ongoing economic boom and plan to establish six new economic cities, offered possibilities to international players to contribute their expertise. “There is immense scope for bilateral cooperation and collaboration in many of the Kingdom’s investment and business projects,” he said.
Greek Consul General Dr. Dimitrios Zavoritis said that the Arab-Hellenic Chamber of Commerce and Development had organized the delegation composed of14 companies. “This is because Saudi Arabia has always been a trustworthy business partner of Greece and it is a pleasure to discuss with the local business community about further promoting bilateral trade and investment, and also to explore new fields of cooperation,” he added.
The number of visitors, both businessmen and tourists, more than doubled between 2004 and 2007.
Foreign direct investment has also more than doubled since 2004 as a constantly growing economy such as Greece’s offers attractive opportunities. Both countries have concluded agreements on investment protection, as well as on avoidance of double taxation. “The potential for investment in Greece is vast,” the consul general said and invited Saudi investors to visit and study the prospects.
Investment prospects lie not only in traditional sectors such as shipping, tourism and real estate, but also in such areas as energy, especially solar technology, and the private health care sector.
“Greece has a great potential to carry out extremely complex and large-scale projects in the construction sector and also in mass transit, communications, services and security. Our businessmen are here to explore all areas for studying and exploring investment and business projects,” Maria A. Vestarki of Arab-Hellenic Chamber of Commerce & Development, who headed the delegation, said. The Greek economy is in good shape and is undergoing radical transformation. “In fact, a new reform program is under way, which aims to make the country more competitive and a more attractive place to invest. We see a great future for bilateral business cooperation,” she said.
Encouragement of bilateral investments and agreements, and promotion of joint ventures are among the major objectives of the Arab-Hellenic chamber, with Mohamed Elkhazmi as secretary general, she added.
Companies representing the mission are engaged in a variety of business activities including investment and engineering consultancies, training programs, food and agricultural products, construction and real estate, sanitary tiles, plastics industry, cosmetics, health tourism, paper recycling.