A high-profile delegation of Swiss business leaders is visiting 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, is leading the delegation.
Arab News caught up with the top Swiss official who highlighted the robust growth in trade between his country and Saudi Arabia in recent years. “Swiss companies are very interested in investing in the Kingdom,” Parmelin said.
The official outlined the sectors primed for collaboration, citing clean-tech, infrastructure, and logistics as promising areas where Swiss expertise aligns with Saudi priorities. Talking to Arab News, he emphasized the significance of tourism, particularly with Saudi Arabia’s hosting of Expo 2030 and likely bid for the 2034 FIFA World Cup.
The business delegation accompanying Parmelin is eager to seize opportunities in Saudi Arabia’s rapidly transforming economic landscape.
“It’s important to see these changes first-hand,” Parmelin noted, underlining the value of personal engagement and networking for Swiss businesses eyeing the Saudi market.
Despite Switzerland’s already robust economic ties with Saudi Arabia, the official sees room for further enhancement. “We have all the essential agreements in place,” he remarked, referencing the groundwork laid for facilitating trade and investment. He stressed the importance of regular high-level interactions, citing recent meetings with Saudi ministers during the World Economic Forum in Davos.
Saudi Arabia’s proactive stance on attracting foreign investments presents a fertile ground for Swiss involvement. Parmelin highlighted Switzerland’s decentralized approach, empowering companies to identify and pursue investment opportunities independently.
The visit aims to unlock untapped potential in bilateral economic relations. The federal councillor’s itinerary includes meetings with various ministers to identify areas ripe for improvement, alongside visits to key sites such as Diriyah and King Salman Park.
Last year, Swiss State Secretary for Economic Affairs Helene Budliger Artieda held a meeting with the Saudi minister of economy and planning to discuss ways to expand economic relationships, explore the potential for trade and investment collaboration between their respective countries, and review topics of mutual interest.
Artieda highlighted the various investment opportunities that Switzerland might be interested in, such as the Kingdom’s vast areas, abundant solar parks, and green hydrogen initiatives.—AN
