JEDDAH: Saudi Arabia and Slovenia are poised to strengthen their economic ties in technology, tourism, and the automotive sector following a business forum held in Riyadh.
The Federation of Saudi Chambers organized the Saudi-Slovenian Business Forum on December 8, with the participation of Saudi Arabia's Minister of Economy and Planning, Faisal Al-Ibrahim, and Slovenia's Minister of Economic Development and Technology, Matjaz Han.
The forum attracted over 60 Slovenian companies from nine critical sectors and a delegation from Slovenia's Chamber of Commerce and Industry, all aiming to explore investment opportunities under Saudi Arabia's Vision 2030 economic diversification plan and establish new business partnerships, according to the Saudi Press Agency.
The two nations have robust trade relations, with Slovenia's exports to Saudi Arabia increasing from $18.4 million in 1995 to $133 million in 2021, as per data from the Observatory of Economic Complexity.
Al-Ibrahim noted the progress made since his visit to Slovenia last year, including the establishment of a joint business council and new avenues for economic collaboration and investment, as reported by SPA.
The Saudi minister emphasized the complementary nature of the two economies and urged Slovenian businesses to participate in Saudi Arabia's Vision 2030 initiatives. He also highlighted the importance of the private sector and called for a sustainable plan to unlock further investment opportunities.
Han, on his part, highlighted Slovenia's export-driven economy, where exports constitute 80 percent of its GDP. He also showcased Slovenia's expertise in the automotive industry, engineering, infrastructure, and its tech ecosystem, which includes 2,000 companies specializing in AI, digitization, and cybersecurity.
The Slovenian minister further emphasized opportunities in Slovenia's sports and tourism sectors, encouraging Saudi investors to explore these areas.
Waleed Al-Orainan, secretary-general of the FSC, stated that the Joint Business Council's formation reflects both countries' commitment to enhancing economic ties, noting that trade between Saudi Arabia and Slovenia surged by 192 percent in 2023, reaching $230 million.
The forum included presentations on investment prospects in both countries, success stories of Slovenian businesses in the Saudi market, and insights into Slovenia's tourism and biotechnology sectors.
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