BERN — Saudi Minister of Economy and Planning Faisal Al-Ibrahim held a meeting with Swiss Federal Councillor Guy Parmelin, head of Federal Department of Economic Affairs, Education and Research, during an official visit to Switzerland. The two officials discussed ways to enhance cooperation in innovation, entrepreneurship, and the support of small and medium enterprises. Al-Ibrahim also meets with Swiss State Secretary for Economic Affairs Helene Budliger Artieda. The talks focused on bilateral trade and investment, cooperation in education and research, and opportunities and challenges facing Swiss companies in Saudi Arabia. Both sides stressed the potential for cooperation in the context of diversifying the Saudi economy and major infrastructure investment projects. The two sides also discussed the current global political situation. Switzerland maintains close economic relations with Saudi Arabia. These relations are based on several agreements, including a free trade agreement, a double taxation agreement, and an investment protection agreement. Saudi Arabia is Switzerland's second largest trading partner in the Middle East. Trade has more than tripled since 2020 and is currently worth SR31.02 billion 2024. Switzerland's main exports to Saudi Arabia are precious metals, pharmaceuticals and precision instruments. More than 100 Swiss companies are present in Saudi Arabia, creating a significant number of local jobs.
