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Thursday, May 19, 2022

Saudi-Austrian panel discuss means to enhance cooperation and development

Saudi-Austrian panel discuss means to enhance cooperation and development

The eighth session of Saudi-Austrian Joint Committee concluded Tuesday after it was held according to the agreement signed between the government of Saudi Arabia and Austria regarding cooperation in the fields of economics, commerce, industry and technology, among others.
The closing ceremony was attended by Minister of Economy and Planning Faisal Al-Ibrahim and Austrian Federal Minister for Digital and Economic Affairs Margarete Schramböck.

Deputy Minister of Economy and Planning for International Economic Affairs Bandar Al-Khamis headed the Saudi side of the meeting, while director of the Economic Affairs, Innovation and International Policy at the Austrian Federal Ministry for Digital and Economic Affairs headed the Austrian side.

During the meeting, talks discussed issued listed on the agenda, went over the current economic condition in both countries and means to enhance cooperation and development aspects.

The Saudi side stressed the importance and the role of the committee, especially after recovery and revival that the Saudi economy witnessed after the novel coronavirus (COVID-19) pandemic, with the GDP of Saudi Arabia realizing a positive growth and recovery to levels that exceeded the pre-pandemic phase.

The two sides also exchanged presentations on the top aspects and sectors of economic cooperation and points of view on means to develop bilateral trade, the growth of commercial exchange and investment between the two countries.They also called on exchanging of expertise, intensifying bilateral visits between the two countries’ public and private sectors, holding joint projects and overcoming any obstacles that might hinder such efforts.

In the infrastructure and transport sector, the two sides stressed the importance of bilateral relations in the aviation sector between the two countries, agreeing to hold bilateral negotiations to discuss an air service agreement during May, 2022.

The Saudi side called on its Austrian counterpart to explore various investment opportunities in the transport and logistics service sector in Saudi Arabia.

The Saudi side expressed interest in contacting the authority responsible for attracting and promoting investment in Austria, represented by the Austrian Business Agency (ABA), to receive information on investment opportunities in Austria and connecting ABA with concerned national companies with the aim of establishing companies in Austria and providing new job opportunities.

For their part, Austrian delegates said that the economic growth in their country will be led by the private consumption, investment and the recovery of the services and tourism sectors, expecting environmental and social tax reform and the implementation of the recovery plan to contribute to the economic resilience.

They noted that the labor market in Austria has achieved recovery in 2021 despite the continuous drop in the labor force in the services and tourism sector, which limited the development process.
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