Germany seeks to boost Saudi economic ties

Saudi Arabia and Germany are seeking to develop their economic ties, the official SPA news agency reported after talks in Riyadh between officials from the two countries.

Germany seeks to boost Saudi economic ties
Photo: DPA

"The amount of trade and joint investments does not reflect the economic potential of both countries' economies," said Saudi Finance Minister Ibrahim al-Assaf, following the meeting late Saturday.

German Vice Chancellor and Economy Minister Sigmar Gabriel said his country was ready to boost its role in diversifying the Saudi economy, especially in infrastructure, transport and the petrochemicals sectors, SPA reported.

Bilateral trade between Germany and Saudi Arabia reached $12.4 billion in 2013, of which the kingdom's exports to the European powerhouse amounted to a mere $418 million, according to figures provided by Assaf.

The countries have 191 joint projects with a total investment of $17.2 billion, said Assaf, who invited German companies to explore further opportunities in the oil-rich kingdom.

After Riyadh, Gabriel's delegation is to visit the United Arab Emirates and Qatar.