German Federal Minister of Economics and Technology, Dr. Philipp R?sler, and Saudi Minister of Finance Dr. Ibrahim Al-Assaf will chair the 18th meeting of the Saudi-German Joint Commission on Wednesday and Thursday in Riyadh. The Joint Commission comprises high-level officials and top business leaders from Germany and Saudi Arabia and will discuss cooperation in all major areas of the economy, including healthcare, fossil and renewable energies, transportation, education and training, waste management and agriculture. Minister R?sler is also scheduled to meet other representatives of the Saudi government. In addition, he will visit some German investment and cooperation projects in Riyadh. The meeting comes at a time of growing economic cooperation between the two countries, German Ambassador to Saudi Arabia Dieter W. Haller said. “Clearly, German companies are increasingly becoming aware of the enormous potential offered by the booming and rapidly growing Saudi market. There has been a 21 percent increase in bilateral trade last year, and there is definitely room for further growth. 2012 has already seen some major new German investment projects in Saudi Arabia, most notably Siemens' new gas turbine plant in Dammam. German companies have a lot to offer in the areas prioritized by the Saudi government's development strategy, like broadening the industrial base of the economy or achieving a new energy mix with a greater focus on renewable energy,” he said. Exports from Germany to Saudi Arabia amounted to SR34 billion in 2011 from SR29 billion in 2010. German imports from Saudi Arabia amounted to SR4.5 billion last year from SR3.1 billion in 2010. The first months of 2012 have seen further bilateral trade acceleration. Along with this, there has also been a sharp rise in the number of Saudi businessmen and tourist visiting Germany, as shown by an almost 100 percent increase in the number of visa applications processed by the German Embassy in the first five months of 2012 in comparison to the same period of time in 2011, a statement from the German Embassy said Monday.
