As Saudi Arabia continues rolling out its ambitious Vision 2030 plan, global leaders have increasingly commended the nation for its remarkable efforts to transform the Kingdom from an oil-driven to industrial-backed economy. In a statement released Oct. 19, 2016, Dieter W. Haller, the Ambassador of Germany to Saudi Arabia, reiterated Germany’s praise for Vision 2030 while reinforcing his country’s commitment to partnering with the Kingdom on “promising new joint ventures on the horizon.”
Germany ranks as Saudi Arabia’s third largest supplier of Saudi Arabian imports. German products—primarily machinery, motor vehicles and chemical products—accounted for 7.2 percent of Saudi imports in 2014. Bilateral trade was valued at 11.3 billion U.S. dollars in 2015. Vision 2030’s industrial diversification plans in the areas of infrastructure, smart cities, renewable energy and health make the nation a ripe market for German companies seeking to expand abroad.
German Ambassador Praises Saudi Vision 2030
“Only in peaceful and stable neighborhood our societies can prosper,” Ambassador Haller stated. “The ‘Vision 2030’ offers in our view excellent opportunities for an enhanced economic partnership.” Training the Saudi workforce—with a focus on the Kingdom’s youth—therefore remains a high priority for German companies with a stake in the Kingdom’s economy. At the same time, the Ambassador continued, Germany will promote Saudi investment in Germany. “This is part of our understanding of a truly economic partnership on an equal footing… The Kingdom is blessed with a rich cultural heritage. Knowing more of each other and sharing our historic and cultural experiences is a source of mutual enrichment,” Haller concluded.
Per Vision 2030, Saudi Arabia has localized renewable energy and industrial equipment sectors to spur job creation for Saudi men and women. The sweeping economic and social transformation program will ultimately lessen Saudi Arabia’s dependence on oil by driving diversified private sector growth. Saudi Arabia finds itself at the crossroads of the most critical international waterways connecting Africa, Asia and Europe. Tapping into its geo-strategic positioning, the Kingdom has actively sought to expand its economy by encouraging both foreign investment and Saudi companies to increase the exports of their products. By 2030, Saudi Arabia aims to reach recognition as a global powerhouse at the epicenter of the Arab and Islamic worlds.
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