08/10/2013
Issued by the Center for Studies and Information at the Chamber
A specialized economic report calls for more exclusive relations between the Kingdom and Europe
More than $ 279 billion commercial exchangers (Saudi European) expected to increase
Economic report called for strengthening economic cooperation between Saudi Arabia and the European Union, through a range of measures such as the establishment of the Centre for European studies for Saudi economic and investment, and the activation of joint mechanisms for finance and investment and to examine the possibilities of creating new mechanisms, and improve and harmonize investment policies between the parties
The report, issued by the information center and studies in the East Chamber that there was a possibility of the economic relations between Saudi Arabia and EU economic integration depend on each other to provide all elements of success for such a complementary relationship and to strengthen the strategic dimension of their relations. Referring to the many areas of investment in Saudi Arabia including: finance, investment, insurance, trade, information technology, consulting, oil and gas, Petro chemical, pharmaceutical, food processing, building materials, metallurgy, electricity, iron and aluminum and metal.
The report said the (reality and prospects of economic ties between Saudi Arabia and the EU) that ' the European Union is an economic and political partnership between the 15 European countries met together throughout most of the continent, the Union has approximately 509 million, with approximately 74 urban population of the total population of the Union. According to data for the year 2012 to link the Kingdom with these countries with strong economic and trade relations, have made them one of the major trading partners of the Kingdom,
The report showed that the trade volume between Saudi Arabia and the European Union countries amounted to 297.2 billion in 2011, up 46.4 compared to 2010, and 44.1 compared with 2007. The value of Saudi exports to European Union countries about 164 billion in 2011, compared with 89.5 billion in 2010 and approximately 96.6 billion in 2007. The value of the Kingdom's exports to European Union countries about 12 of the total exports of the Kingdom to the world in 2011. In contrast, imports from EU countries to 133.2 billion in 2011, compared to 113.6 billion in 2010, and about 109.7 billion in 2007, the value of the Kingdom's imports from EU countries to 27 of the Kingdom's total imports from the countries of the world.
The report concluded that despite the obstacles imposed by the EU on some Gulf exports, and achieving the desired balance in economic relations between them, the interests of both parties to the need to strengthen the common interests and scaling the elements of dissonance, provided that each Party shall take into account the needs and interests of the other party, in particular the European Union, which must take into account that the Gulf States seeking to achieve development, promotion of income sources and reduce reliance on oil revenues through the development of non-oil productive sectors.
