Business & Money | Tuesday 13 October, 2015 9:36 am |

Small and medium enterprises (SMEs) will be considered a key component of efforts to develop relationships between Saudi Arabia and France, leading officials from both countries told the second Saudi-French Business Opportunities Forum on the evening of Monday Oct. 12, 2015.

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 bin Laden, 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 HE Tawfiq Al Rabiah, French Ambassador HE 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 Bin Laden, 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.

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

French Prime Minister HE 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.

He called on Saudi investors to consider setting up ventures in his country. “Come to France and participate in our economy,” he said, adding that the French government has cut taxes and reduced regulation in order to improve the economic environment and make Paris more competitive than other European capitals.

Despite ongoing unrest in the region, particularly in Syria, “the Kingdom of Saudi Arabia is an oasis of prosperity,” he said. “We need to work together for the prosperity of our peoples and strengthen our strong partnership.”

A joint committee set up to improve ties between the two countries will convene tomorrow at the forum to discuss potential areas of cooperation such as housing, health, agriculture, food and telecommunications, said the prime minister.

Al Rabiah, who delivered the concluding speech, echoed the sentiments of the previous speakers. He said, “The Kingdom of Saudi Arabia has always been keen to develop its trade relations with key partners such as the Republic of France, and the Kingdom’s government will support the spirit of cooperation in vital areas such as trade and investment and to find a conducive environment to encourage the private sector to seize investment opportunities and contribute to the economies of both countries in various fields.”

He added that the France ranked eighth for imports to the Kingdom in 2014, while the volume of trade exchange between the two countries exceeded 12 billion euros the same year. France also accounts for the third largest amount of investment in the Kingdom, with a total value of about 14 billion euros. Saudi investments in France were worth about 700 million euros.

Tomorrow, the forum continues its activities with two main plenary sessions accompanied by a number of meetings and discussion panels on health care, information technology and communications, agriculture and agribusiness, financial and banking investment, as well as implementation of the Saudi-French nuclear and renewable energy partnership.