The Saudi-Austrian Economy-Planning Panel Discusses Cooperation and Development

The eighth session of the Saudi-Austrian Joint Committee discussed cooperation & investment in economics, commerce, industry, and technology.

Riyadh — The eighth session of the Saudi-Austrian Joint Committee concluded Tuesday. The meeting discussed cooperation in economics, commerce, industry, and technology.

Minister of Economy and Planning Faisal Al-Ibrahim and Austrian Federal Minister for Digital and Economic Affairs Margarete Schramböck meet before the eighth session of the Saudi-Austrian Joint Committee meeting on Tuesday.

The Minister of Planning and Economy, Faisal Al-Ibrahim, attended the closing session of the meeting. Austrian Federal Minister for Digital and Economic Affairs Margarete Schramböck also participated.

Deputy Minister of Economy and Planning for International Economic Affairs Bandar Al-Khamis headed the Saudi side of the meeting. In contrast, Austria’s Economic Affairs, Innovation, and International Policy director led the Austrian side.

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The meeting discussed issues listed on the agenda and the current economic condition in both countries. It also discussed means to enhance cooperation and development.

The Saudi side stressed the importance and the role of the committee. Especially after the recovery, the Saudi economy witnessed after the COVID-19 pandemic. The GDP of Saudi Arabia has grown positively and recovered to its pre-pandemic levels.

The two sides gave presentations on the top aspects and sectors of economic cooperation and points of view on means to develop bilateral trade; the growth of the commercial exchange, and investment between the two countries.

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They also called on exchanging expertise to increase bilateral public and private sector visits. Overcoming any obstacles that might hinder such efforts and holding joint projects.

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.

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The Saudi side expressed interest in promoting investment in Austria. And to receive information on investment opportunities in Austria and connect with companies to establish companies in Austria and provide new job opportunities.

For their part, Austrian delegates said that the economic growth in their country would 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 Austria’s labor market had recovered 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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