Federation of Saudi Chambers Brief Visiting Austrian Delegation on Investment Opportunities

An Austrian high-level commercial delegation, currently on a visit to the Kingdom, led by Dr. Richard Schenz, Vice-President, Austrian Federal Economic Chamber was briefed on the promising investment opportunities, across the Kingdom of Saudi Arabia, as he met with the Vice Chairman of the Federation of Saudi Chambers, Tareq Al-Haydari and a host of Saudi businessmen.

Al-Haydari pointed out that the volume of bilateral trade between the Kingdom and Austria is too modest, compared to the vast investment opportunities, at avail, in the two countries, in addition to their economic potentials.

He indicated that the Kingdom is among the main destinations of the Austrian exports, as it is a leading trade partner to Austria, in the Middle East.

Austria exports to Saudi Arabia have stood at 402.6 billion euros, in 2019, against as much as 29.1 million euros for the Saudi goods imports.

Austrian service exports to the Kingdom reached 189 million euros, explaining that the Kingdom has taken further steps to improve its business environment, including easing measures related to the commerce and investment, providing foreign investor with much more incentives and incepting new contact channels with its partners, all over the world.

He underscored the significance role played by the Saudi private sector, in the national economic development process.

Subsequently, the Kingdom has moved up on various international indices and barometers, including the world competitiveness barometer.

For his part, Dr. Schenz stressed that the Kingdom has a lot of investment opportunities, that the Austrian firms could take advantage of them, reasserting that as many as 5 thousand Saudi nationals have visited Austria, during this summer, alone.

He similarly reaffirmed that Austria has likewise great opportunities for the Saudi investor, in so many sectors.