RIYADH: Small and medium enterprises (SMEs) will be considered a key component of efforts to develop relationships between Saudi Arabia and France, senior officials from both countries told the second Saudi-French Business Opportunities Forum Monday.

Jean-Louis Chaussade, director and CEO of Suez Environnement, opened the two-day forum with a speech that emphasized the efforts the two countries have exerted in developing bilateral ties since the first session of the forum in Paris in April 2013.

He said: “We have made good progress, and relations between our respective countries are strengthening. And, we are grateful for this strong relationship. During our visit here, we are pleased to have been able to meet our partners from France and Saudi Arabia.”

Chaussade said SMEs would play a significant part in developing these relations, and this was demonstrated by the large number of owners of such businesses from France who had come to the forum and were able to discover the Saudi market for the first time.

The forum will examine opportunities for cooperation in various areas, he said, adding he was confident that bilateral ties would be strengthened as a result.

Mohamed Binladin, president of the Saudi-French Business Council, paid tribute to the significant French contingent attending the forum as well as Minister of Commerce and Industry Tawfiq Al-Rabiah, French Ambassador Bertrand Besancenot, the French Embassy in Riyadh, the Saudi Embassy in Paris and the Saudi-French Business Council for their parts in organizing the event.

“We as Saudi businessmen are proud to be honored by your attendance,” he said and called the forum unprecedented due to the opportunities it offered to strengthen political and economic relations and the number of agreements that were expected to be signed during the event. He also pointed to the magnitude of the forum, as 1,200 delegates were expected to attend the main sessions and discussions taking place tomorrow.

Saudi Arabia has the most stability in the region, said Binladin, but admitted the low prices of oil were a challenge.

“However,” he said, “We have faced challenges like these before and come up stronger. We are the largest market in this region and the facilities offered by our government for investors are the best. As a result, we can also invest in conglomerates and SMEs.”

He said the government had taken steps to develop human resources and diversify the economy. There is also a particular focus on developing young Saudis, he said.

Binladin ended his speech by addressing the French participants. Speaking in French, he said, “We welcome you to Saudi Arabia.”

French Prime Minister Manuel Valls, who delivered the penultimate speech of the night, said the second session of the forum was more important than the first two years ago. He pointed to the strong economic relationships between Saudi Arabia and France in areas such as energy and transport.