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The Saudi-French Business Opportunities Forum taking place in Riyadh provides the best platform to develop areas of bilateral cooperation in many new areas, said Commerce and Industry Minister Tawfiq Al-Rabiah.

Currently, he said that bilateral trade is estimated at 12 billion euros and French investments in Saudi Arabia had reached 14 billion euros.

The minister made these remarks at the Saudi-French Business Opportunities Forum in Riyadh.

French Prime Minister Manuel Valls in Riyadh, who made the opening address, said that France and the Kingdom enjoy great confidence and trust between each other which could help the two countries to forge ahead in bilateral relations.

A high-powered French delegation comprising Foreign Affairs and International Development Minister Laurent Fabius, Defense Minister Jean-Yves Le Drian and Economy and Industry Minister Emmanuel Macron is attending the event.

The recent frequent exchange of high-level visits between the two countries bears eloquent testimony to the growing bilateral relations between the two countries, the French premier said, indicating that the forum which is attended by large French and Saudi delegations will explore more areas of cooperation in agriculture, aviation, food energy and transportation.

He said that discussions will also focus on developing the SMEs in the Kingdom.

Mohamed Binladin, president of the Saudi-French Business Council and Jean-Louis Chaussade, CEO of SUEZ Environment and chairman of MEDEF International French-Saudi Business Council, delivered the welcome address at the inauguration.

Binladin said that more than 1,200 participants are taking part in the forum which would give a chance for businessmen of the two countries to explore new ventures.

Louis Chaussade said the two countries have a promising future.

“We can improve the energy and environment sectors for mutual interests,” he added.

Representatives from more than French 100 companies were also present.

A number of bilateral agreements between the Kingdom and France worth billions of riyals will be signed in Riyadh during the forum on Tuesday.

The forum’s events will include five working sessions accompanied by a number of meetings and discussions.

Among the most prominent Saudi speakers at the forum are Commerce and Industry Minister Tawfiq Al-Rabiah and Economy and Planning Minister Adel Faqih.

From the French side, Laurent Fabius, Jean-Yves Le Derian, heads of French economic institutions and companies and political and cultural figures will address the sessions.

The first edition of this forum was held in Paris in April 2013 and

attracted more than 650 business and official participants.

Deputy Crown Prince Mohammed bin Salman, second deputy premier and minister of defense, and Laurent Fabius will lead the second session of the joint implementation committee on economic cooperation.

The Saudi Competition Council is also taking part in the forum with a large pavilion to highlight its functions and services in ensuring fair competition.

The participation of the Competition Council, as one of the regulators in the business sector, aims to maintain the investment environment, and encourage the presence of foreign investments in the presence of laws and trade regulations to protect these investments.

The Competition Council is an independent legal body which seeks to promote and encourage fair competition, and anti-monopoliztic practices that affect the legitimate competition to achieve economic policy pursued by the Kingdom to promote a competitive climate in the business sector.

The economic ties between the Kingdom and France have been strengthened within the recent period.

The bilateral trade between the two countries reached, for the first time, 10 billion euros in 2014.

This figure doubled over the last five years and increased by seven percent during the last year.

French exports to the Kingdom amounted around 1.5 billion euros in the first half of 2015.

The Kingdom is the largest oil supplier to France, and about 80 French companies are currently operating in Saudi Arabia.

The volume of French investments in Saudi Arabia is more than SR74 billion across 207 projects, including joint ventures.

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