• More than 3 billion dollars, the volume of trade exchange between the Kingdom and the Republic of Austria


    ​Asharqia Chamber organizes a meeting of the Austrian trade delegation​

    More than 3 billion dollars, the volume of trade exchange between the Kingdom and the Republic of Austria​ 

    The First Vice Chairman of the Board of Directors of Asharqia Chamber Hamad bin Muhammad Al-Boali praised the level of economic relations between the Kingdom and the Republic of Austria. He praised the efforts made in this field by the concerned authorities in the two countries, which will contribute to promoting trade exchange and strengthening economic relations between the two friendly countries.

    This came during a meeting of the Austrian trade delegation organized by the Chamber on Wednesday, March 16, 2022, headed by the Vice President of the Federation of Austrian Chambers, Dr. Richard Schinsz. The participation of the Economic Counsellor at the Embassy of the Republic of Austria in the Kingdom, Christoph Pfeiffer, and representatives of several Austrian bodies and companies specialized in several economic fields (industrial, agricultural, tourism, etc.), imply promising prospects for partnership with Saudi investors.​ 

    A Specialists from King Salman Energy City "SPARK" participated in the meeting, where an industrial investment attraction specialist, Marwan bin Faisal Al-Zahrani, gave a presentation on the city, which is an integrated industrial ecosystem, extending over an area of 50 square kilometers and being developed to become in the future the leading gateway to the regional energy sector.

    During the meeting, Al-Buali pointed out that the economic relations between the Kingdom and Austria are characterized by continuous growth and are characterized by a strategic nature based on the foundations of cooperation to serve the interests of the two countries at all levels, as the volume of trade exchange between the Kingdom and Austria has developed from approximately 1.8 billion riyals in 2005 to about 3.3 billion riyals in 2020, compared to 3.4 billion riyals in 2019 AD, and about 3.9 billion riyals in 2016, while the Kingdom is now the export destination and the main trading partner of Austria in the Middle East.

    Al-Buali pointed out that there is an increasing keenness on the part of the two friendly countries to advance bilateral relations that span more than 60 years, exploit all trade and investment opportunities in both countries, enhance the volume of trade exchange, and establish joint projects in many economic sectors, which indicates broader horizons of cooperation. Between the private sector in the two countries, in light of what distinguishes “Austria” from the presence of a large service sector, strong industrial and developed agricultural, and what characterizes our country of a strong economy that is growing steadily according to an ambitious vision aimed at diversifying the base of the national economy by optimizing the use of available resources, as well as the investment environment Attractive, and reinforced by a set of motivating laws and procedures.

    In this regard, Al-Buali said that the Chamber, within the framework of its efforts to strengthen the joint economic relations that link the two friendly countries, puts all its branches and all its capabilities to receive economic delegations and provide them with the commercial and investment information they need, to expand investment circles between local businessmen and their counterparts from Austria. ".

    Al-Buali stressed that the meeting aims to get acquainted more with the Kingdom’s paths towards strengthening the renewable energy sector and other major sectors, the new projects presented by the wise government, and the organizational and procedural steps it has taken to achieve the goals of the Kingdom’s Vision 2030.
    The delegation specializes in various sectors, most notably: real estate, architecture, medical technology, energy efficiency, renewable energy, the automotive industry, and entertainment.​​

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