Arab News, Sat, Jun 22, 2024 | Dhu al-Hijjah 16, 1445
Saudi Arabia and Switzerland strengthen economic ties at 4th Financial Dialogue in Zurich
Saudi Arabia:
Saudi Arabia and Switzerland are poised to deepen cooperation in finance and
economics as top officials convened for the 4th Saudi-Swiss Financial Dialogue
in Zurich.
The event, inaugurated by Saudi Arabia’s Finance
Minister Mohammed Al-Jadaan, focused on enhancing macroeconomic outlooks,
fostering international multilateral cooperation, and advancing specific
bilateral economic initiatives.
It comes against the backdrop of a robust trade
relationship between the countries. In 2023, Saudi Arabia exported $810.67
million worth of goods to Switzerland, while Swiss exports to the Kingdom
totaled $6.77 billion, according to the UN’s international trade database.
“The Saudi-Swiss relations have been growing for
more than six decades, and our meeting ... for the 4th Saud-Swiss Financial
Dialogue in Zurich embodies the two nations’ keenness to deepen cooperation
between Saudi Arabia and Switzerland in various fields, most notably in finance
and economics,” Al-Jadaan said in a post on X a day before the event.
“Today, I was pleased to inaugurate the 4th
Saudi-Swiss Financial Dialogue with the participation of the Head of the Federal
Department of Finance & Vice President of the Swiss Federal Council, Ms. Karin
Keller-Sutter. I emphasized on the Kingdom’s aspiration to explore new areas and
markets that would deepen the existing cooperation between the two nations,” the
minister added in another post.
In February, a high-profile delegation of Swiss
business leaders visited Saudi Arabia to explore burgeoning trade and investment
prospects in the Kingdom.
Guy Parmelin, a Swiss Federal Councillor and head
of the Department of Economic Affairs, Education and Research, led the
delegation at the time.
In an interview with Arab News during his visit,
Parmelin highlighted the robust growth in trade between Switzerland and Saudi
Arabia in recent years. “Swiss companies are very interested in investing in the
Kingdom,” he added.
He emphasized the eagerness of the accompanying
business delegation to capitalize on Saudi Arabia’s rapidly transforming
economic landscape.
In November 2022, during an official visit to
Riyadh, Swiss Finance Minister Ueli Maurer met with his Saudi counterpart,
Al-Jadaan, and they signed a cooperation agreement to inaugurate the third
Saudi-Swiss Financial Dialogue.
Lauding the strength of the Saudi economy, Maurer
stressed the importance of bilateral dialogues in developing economic activities
in both countries and strengthening Switzerland’s role as a strategic partner
for the Kingdom in achieving the goals of Vision 2030.