Saudi Arabia and Sweden explore investment opportunities at Expo 2020 event

LONDON: Investment opportunities in Saudi Arabia and Sweden were in the spotlight during a two-day Saudi-Sweden event at Expo 2020 Dubai this week.

A series of panel discussions explored how to boost trade relations between the two countries on Jan. 16-17 at the two countries’ pavilions as part of the Expo.

The event was organized in collaboration with the Saudi Ministry of Investment (MISA), Invest Saudi, the Embassy of Sweden, and Business Sweden.

The first day, hosted at the Sweden Pavilion, included opening remarks by Niclas Trouvé, ambassador of Sweden to Saudi Arabia; Hussain Hanbazazah, commissioner general of the Kingdom of Saudi Arabia pavilion; and Jan Thesleff, Commissioner General of the Swedish Pavilion.

Hanbazazah highlighted how Swedish companies have operated in the Kingdom for more than 70 years, noting that Saudi Arabia is Sweden’s largest economic partner in the Middle East and No. 1 trade partner among the Scandinavian countries, with the volume of trade exchange in the past five years reaching more than US$6 billion.

“As a continuation to our historical relationship, we are inspired by the efforts made by our leaders towards advancing bilateral relations between our two countries, resulting in the recent establishment of the Saudi-Swedish Business Council in Stockholm, exchanging expertise and knowledge, and setting plans and programs to seize investment opportunities and turn them into tangible partnerships,” he said.

“Saudi Arabia welcomes and invites Swedish companies to invest in our country and to take advantage of the opportunities and initiatives of the Kingdom’s Vision 2030, especially in sustainability, smart cities, manufacturing industries and areas such as e-commerce and information technology.”

Swedish ambassador Trouvé, Ambassador of Sweden to Saudi Arabia, said talks over the two-day event were mainly about “progressive performance.”

He continued: “Saudi Arabia and Sweden have a fantastic journey ahead, to protect people and the planet through sustainable and green solutions. We have to do this together through strengthening partnerships between governments and the private sector in order to move forward together.”

The two-day event concluded with a cultural performance, and guests were invited to attend another key event on Feb. 7, when the Saudi Pavilion will be partnering with MISA and Invest Saudi to host a full-day business forum at the Dubai Exhibition Center where sectorial investment opportunities in Saudi Arabia will be discussed.