The Chamber receives a German trade delegation discussing partnerships in petrochemicals and hydrogen transformation
Asharqia Chamber held a meeting on Wednesday morning, October 12, 2022, with a German trade delegation headed by a member of the Board of Directors, Nouf bint Abdulaziz Al-Turki, at the Chamber's headquarters.
During the meeting, which was attended by the head of the German delegation, Deputy German Trade Commissioner in the Kingdom, Sherine Fakosa, Al-Turki said that such meetings enhance communication opportunities and open horizons of knowledge for the private sector in the two countries and give impetus to opportunities for trade, technology, innovation, and mutual investment, noting that the Kingdom has economic relations with Germany. And Germany came in the 38th place in terms of the ranking of countries to which the Kingdom exports in 2021, with exports worth about 2.015 billion riyals in 2021, an increase of 334 million riyals, equivalent to an increase of 19.9% from 2020.
In the meeting, which was attended by Board Member Muhammad bin Ali Almajdouie, Secretary General Abdul Rahman bin Abdullah Al-Wabel and a large number of investors, Al-Turki indicated that there are positive developments in the rates of trade exchange between the two countries, which rose in 2021 to 5.46%, stressing the two countries' keenness to Improving economic relations and seizing trade and investment opportunities. Last September, the Kingdom received German Chancellor Olaf Schultz, which indicates broader horizons of cooperation between the private sector in the two countries and more mutual investment opportunities, supported by the strong and steadily growing economy that the Kingdom is witnessing, according to the Saudi Press Agency. The ambitious 2030 vision, aims to diversify the base of the national economy by making optimal use of the available resources, in addition to what distinguishes "Germany" from owning a huge industrial structure in which the main industries are diversified.
It also indicated that this escalating movement and the increasing keenness on the part of the governments of the two countries to improve economic and trade relations between the Kingdom and Germany, enhance the volume of trade exchange, and support the establishment of joint projects in many sectors, especially the petrochemical sector and the hydrogen transformation, for which the Kingdom allocated a huge budget, and encouraged The participation of investors in it, and it supported the establishment of foreign partnerships to find new projects in these vital areas.
