RIYADH: Saudi Arabia and France need to intensify joint work and develop new projects as both countries have a lot of scope for synergy and collaboration under their 2030 investment goals, said a top official of the French Treasury.
Speaking at the France-Saudi Investment Forum, Denis Le Fers, head of bilateral trade relations at the French Treasury, explained that partnership has a central role to play in France 2030.
With a budget of €54 billion ($59 billion), the government launched the national investment plan in 2021 aimed at transforming the country’s key sectors, including energy, automotive and aeronautics.
“Today’s forum is a demonstration of the momentum we are reaching in the bilateral relations between the two countries, but we are still below our potential when it comes to the economic and investment dimension,” Le Fers stressed.
“So, let’s intensify our joint work and develop new joint projects serving both France 2030 and Saudi Vision 2030,” he added.
As part of France 2030, the European country aims to become the world’s most attractive destination for low-carbon industry.
“Half of the $54 billion invested in France 2030 will be dedicated to projects that promote the decarbonization of industry and the other half will be directed to emerging players who are driving breakthrough innovations,” the French Treasury official said.
He went on to talk about other goals and objectives under France 2030 that will help the country become a leader in the climate change environmental transition.
“We aim to become the leader of green hydrogen, and with the objective in 2030, France will have at least two giga factories of electrolyzer, mass producing hydrogen, and all useful associated technologies,” Le Fers highlighted during his presentation.
The France-Saudi Investment Forum, which kicked off on Monday, will address key issues across an array of sectors to create visibility for new opportunities for technology startups and entrepreneurship.
Saudi Minister of Investment Khalid Al-Falih is leading a senior delegation at the forum to highlight the Kingdom’s commitment to strengthening bilateral ties and exploring new opportunities with the European country.
Both countries are also going to discuss ways to increase collaboration in the areas of tourism and culture, and clean energy during the meeting in Paris this week.
