Joint Statement by the European Union and Saudi Arabia

Joint Statement by Commission EVP Maroš Šefčovič and Saudi Arabian Minister of Investment, HE Khalid Al-Falih.

Today, the Saudi-EU Investment Forum convened in Riyadh, co-hosted by the European Union and Saudi Arabia. Maroš Šefčovič, the Executive Vice-President for the European Green Deal, Interinstitutional Relations, and Foresight at the European Commission, and His Excellency Khalid Al-Falih, the Minister of Investment of Saudi Arabia, reaffirmed their commitment to deepening investments between the European Union and Saudi Arabia.

Recognising the imperative of forging a deeper strategic partnership between Saudi Arabia and the European Union, both parties are committed to enhancing their cooperation in investments. The EU is already one of Saudi Arabia’s largest trading and investment partners. They aim to accelerate the development and implementation of sustainable, digital solutions to the benefit of their societies and contribute to global progress.

The Investment Forum has identified key areas of focus to bolster mutual investment ties, which include:

• Sustainable Energy: Both sides are keen on promoting sustainable energy initiatives, emphasising their commitment to speed up the green transformation of economies and societies.
• Information and Communication Technology (ICT): Recognizing the importance of the digital age and of investments in ICT both sides will enhance efforts to turn digitalisation into economic opportunities for citizens.
• Critical Raw Materials: Ensuring the availability of critical raw materials is a shared concern, and both parties are committed to addressing this challenge through strategic investments.
• Entrepreneurship: The forum has underscored the significance of fostering entrepreneurship, recognising it as a driving force behind innovation and economic growth.

Maroš Šefčovič, Executive Vice-President for the European Green Deal, Interinstitutional Relations, and Foresight at the European Commission, stated: “Together, the European Union and Saudi Arabia can foster closer cooperation bringing mutual benefits, with enhanced trade and investment flows, support to the stability of the respective business and investment environments, and further promoting the integration of our economies.”

HE Khalid Al-Falih, Minister of Investment of Saudi Arabia, commented: “We are confident that there is a clear convergence between Saudi Arabia’s transformation and Europe’s transition — and that what Europe needs, the Kingdom can provide like no other. Where Europe faces challenges or sees opportunity emerging from disruption, the partnership with Saudi Arabia can be a key part of the solution.”

The Saudi-EU Investment Forum culminated in substantial exchanges regarding investments in these pivotal sectors of shared interest. These investments underscore the determination of both Saudi Arabia and the European Union to realise their goals and contribute to a brighter future.

Riyadh, Saudi Arabia

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• Investment