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Sunday 08 Mar 2015 - 12:15 Makkah mean time-17-5-1436  Saudi Minister of Finance Dr. Ibrahim Al-Assaf Riyadh (IINA) – Saudi Arabia’s Minister of Finance Dr. Ibrahim Al-Assaf and German Minister for Economics and Energy Sigmar Gabriel co-opened here on Saturday the works of the Saudi-German Joint Committee, Saudi Press Agency (SPA) reported.
During the meeting, Dr. Al-Assaf lauded the strong and historical relations between Saudi Arabia and Germany, and reviewed the future prospects for bilateral investment between the two countries
“Despite the sharp decline in oil prices and its impact on the general revenues of the Kingdom, the Saudi economy continues to grow, pushed by the government's big investment spending programs, in addition to the activity of the private sector,” Al-Assaf said, lauding the financial and monetary policy pursued by the country through the past few years.
He said that the Gross Domestic Product (GDP) in Saudi Arabia was worth $752 billion in 2014, pointing out that these positive results have maintained the Kingdom's credit rating at “AA-” on the long term.
Dr. Al-Assaf expressed dissatisfaction of the volume of trade exchange and joint investments, which he said they do not reflect the available potentials of the two economies.
In 2013, the volume of trade exchange between the two countries stood at about $12.4 billion, and the Saudi exports to Germany amounted to $418 million, he noted.
Regarding the Saudi-German joint projects, Al-Assaf said that their number amounted to 191 projects with a total investment capital of $17.2 billion. He called on the German companies to disclose the great investment opportunities in the Kingdom.
For his part, the German Minister for Economics and Energy stressed his country's keenness to enhance cooperation with Saudi Arabia.
AB/IINA
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