The Saudi-German Investment Forum was held in Berlin yesterday in the presence of the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, the State Secretary of the German Federal Ministry for Economic Affairs and Climate Action Udo Philipp, participants of officials from both sides and a number of government agencies and private sector companies from the two countries. In his speech during the Forum, Al-Falih noted that the Forum represents an important step to strengthen the partnership between the Kingdom of Saudi Arabia and Germany, pointing out that many commonalities between the two countries can encourage the development of bilateral relations, including trade and investment areas, given that the Kingdom and Germany are among the world's largest economies. Both play an essential and influential role in the region and worldwide. The minister stressed that the Kingdom and Germany play a leading role in the global energy market, with the Kingdom being the world's largest and most advanced energy producer. At the same time, Germany leads in many energy-intensive industrial sectors. The Kingdom also seeks to increase its presence and competitiveness. Furthermore, the minister added that the transition to clean energy, including solar energy, wind energy and green hydrogen, requires a good balance between traditional and renewable resources, that could be an area for cooperation between the Kingdom and Germany. Al-Falih stated that the Kingdom possesses competitive advantages for investors and international companies, including German companies. He noted that the Kingdom has recently launched the Global Supply Chain Resilience Initiative and several special economic zones, strengthening its position as a global logistics center. During the Forum, seven memorandums of understanding were signed in the areas of chemical industries, engineering consulting, and systems and technology to promote investments between the Kingdom and Germany, which reflects efforts towards realizing integration and cooperation between the two countries.
