Knowledge-based projects open for German investment

Economy and Planning Minister Dr. Mohammed Al-Jasser has urged Germany to invest in the Kingdom’s vital sectors including small and medium enterprises (SMEs).
The minister’s remarks came as he held talks with German Chancellor Gerhard Schroeder.
The former chancellor commended Saudi Arabia’s attractive investment climate and its strong economic position.
He underscored Riyadh’s important role in maintaining global economic and financial stability through its active membership in G20.
Speaking to Schroeder, Al-Jasser highlighted investment opportunities in the Kingdom’s industry, energy, infrastructure and financial services.
“I would like to request German companies and businessmen to invest in new Saudi projects, especially in knowledge-based industries,” SPA quoted the minister as saying.
He emphasized the long-standing relations between Saudi Arabia and Germany.
“We attach great importance to our relations with Germany,” he told the former chancellor.
The main objectives of the Five-Year Development Plans are to promote investments, activate the private sector’s role in the development process and boost the country’s progress and prosperity, Al-Jasser explained.
According to Andreas Hergenröther, delegate of German Industry and Commerce in Saudi Arabia and Yemen, Saudi-German commercial deals in 2013 are expected to reach 10 billion euros ($ 13.35 billion).
Speaking to Arab News recently, he said the euro crisis has not affected the economic cooperation between the two countries.
“The value of trade exchange between Saudi Arabia and Germany has remained consistent for five years,” he pointed out.
German exports to Saudi Arabia increased during the first 11 months of 2012 by 71 percent and Saudi exports to Germany increased by about 27.5 percent.
The total volume of Saudi exports to Germany is less than the German exports to Saudi Arabia, which mostly includes hydro chemical products and petrochemicals.