Hollande: Vision 2030 to boost lives of Saudis

Deputy Crown Prince Mohammed bin Salman’s talks with French President Francois Hollande at Elysee Palace on Monday focused on trade, mutual investment, Middle East security and the role of Iran in the region.

Foreign Minister Adel Al-Jubeir said the talks focused on Iran’s “interference.” Hollande voiced his support for Saudi Vision 2030, which he said was going to make a qualitative change in the lives of Saudi citizens, Al-Jubeir said.
Earlier Prince Mohammed met with French Prime Minister Manuel Valls to discuss various aspects of cooperation between the two countries, according to SPA. The two countries were committed to security, stability and peace in the world, the report stated.
In a related development, Saudi-French Business Council President, Mohammed bin Ali bin Laden, said that Prince Mohammed’s visit was important for the fulfillment of Vision 2030 and the National Transformation Program (NTP) and showed the strength and depth of relations.
He said the Kingdom has a strong economy in an important geographical location, and that Vision 2030 was aimed at diversifying and modernizing the national economy by investing in mineral resources, developing e-commerce and tourism, and attracting direct foreign investment.
He said the plan was to ensure the private sector’s contribution to the country’s gross domestic product would be increased from 40 percent to 65 percent by 2030, which would open up new opportunities for local and foreign investors. He urged French businesspeople to invest in the Kingdom.

According to reports, Saudi Arabia and France will sign several agreements and memoranda of understanding on the sidelines of the Saudi deputy crown prince’s visit to Paris, said Saudi ambassador to France Khaled Al-Anqari.
“The visit will further bolster the historic relations between the two countries,” he said. Al-Anqari said the two countries shared views on various issues.
France is considered one of the Kingdom’s key partners and is ranked eighth globally in terms of countries exporting to the nation. France was the 15th largest recipient of Saudi exports. Trade between the two countries stood at more than 10 billion euros in 2014, an increase of 10 percent compared to 2013. In 2015, the volume of trade was 7 billion euros.
France is the third biggest investor in the Kingdom at $15.3 billion, while the volume of Saudi investments in France stood at 900 million euros. Three percent of Saudi Arabia’s direct investments were in France, while 30 percent of the Gulf Cooperation Council’s investments were in that country, the SPA reported.
In April 2013, the Saudi Arabian General Investment Authority (SAGIA) gave several French companies new licenses for the establishment of investment projects in the Kingdom across many sectors. Following meetings of the Saudi-French Joint Committee, the two countries signed deals and agreements in a variety of sectors worth $20 billion.

Source: Arab News