French Ambassador to Saudi Arabia Bertrand Besancenot said that France and KSA have a strategic partnership that is characterized today by a new momentum. Relationships between the two countries are strong and based on trust and friendship, which is apparent through the close negotiation, and various mutual visits between the two governments.
“I point, in this regard, to Foreign Minister Adel Al Jubair’s recent visit to Paris, which indicates constant, regular and beneficial negotiations between our leaderships. Since the first meeting between King Faisal and General De Gaulle in 1967, the relationship between both countries enjoys personal communications on the highest level. This tradition is still standing strong, where President of France made four visits to the KSA since elected.”
Besides, “on political level, we hold widely similar stances, and work together for achieving stability in the Middle East. Further, in relation to defense, mutual security and fight against terrorism, we are related through constant cooperation relations, which are evident through arrangement of mutual military training that are becoming more and more ambitious.”
On economic level, Besancenot said relations are focused on mutual interests. KSA is France’s premier trade partner in the GCC and France, in turn, is the third foreign investor in the KSA.
“I would like to confirm that the economic relations between KSA and France have increasingly grown closer during recent years, as mutual trade volume between the two countries has reached €10 billion for the first time in 2014. That figure has multiplied during the last five years, increasing to 7% on last year. This indicates continues enhancement of commercial relations between KSA and France. According to French Customs figures, French exports to KSA were €15 billion in the first half of 2015, which affirms the above figures. Imports by KSA were €3.5 billion last year. Although international oil prices have decreased, oil trade volume between the two countries stood high, reaching €8 billion, with KSA remaining the primary oil supplier for France.
As for French corporate operating in KSA, Besancenot pointed out that France is considered the 8th supplier to KSA. However, trade volume does not imply the true image of French economic presence in the Saudi market, he added.
“We have 82 French operating companies in KSA, which employ about 30,000 employees, 36% of whom are Saudis. There’s other reason, which is French investment volume in KSA, as French corporate have invested more than $50 billion in different financial, petrochemical, energy, water and services sectors and more,” Besancenot stated.
Agencies
