The two-day visit of the Crown Prince proves the increasingly close strategic relationship between Greece and Saudi Arabia
Agreements of almost 4 billion euros on energy and the development of a submarine cable data transmission system were signed during the visit to our country of the Crown Prince of the Kingdom of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud.
Cooperations were also signed in the fields of aviation, maritime transport, aquaculture, waste management, culture, food and agricultural products, construction and defense technology while at the forum held today the Saudi Arabian business delegation which included senior executives from 59 companies that are active in key sectors of the economy, such as: energy, construction, tourism and logistics held 234 business-to-business (B2B) meetings with Greek companies.
In more detail as stated in its announcement Hellenic Investment and Foreign Trade Company (Enterprise Greece), during his official visit to Athens, Crown Prince Salman bin Abdulaziz Al Saud was accompanied by a delegation of top officials and high-ranking executives. Leading Greek and Saudi companies signed a series of bilateral agreements in the telecommunications, energy, food and transport sectors.
As noted, the two-day visit of the crown prince demonstrates the increasingly close strategic relationship between the two countries, which also includes joint initiatives in the fields of investment, defense and culture, and took place after the official visit of Greek Prime Minister Kyriakos Mitsotakis to the Kingdom of Saudi Arabia last year and the meeting of the 5th Greece-Saudi Arabia Joint Interministerial Committee which took place in Athens at the end of May 2022.
The agreements
Among the agreements is the establishment of a €1 billion (SAR 3.75 billion) joint venture to develop an undersea cable data transmission system that will connect Europe to Asia via Greece and Saudi Arabia, the so-called East to Med data Corridor (project EMC). The project will consolidate Greece’s position as a telecommunications gateway to Europe, while also strengthening Saudi Arabia’s efforts to build its digital economy. Another very important deal, worth €2.6 billion (SAR 10 billion), is in the energy sector and covers both conventional and renewable energy sources. The agreement will link Saudi Arabia’s energy expertise with Greece’s role as an energy hub for the wider region.
The remaining agreements, which were signed on July 27, 2022 at the Greece – Saudi Business Meeting co-organized by the Ministry of Foreign Affairs and the Hellenic Investment and Foreign Trade Company (Enterprise Greece), include bilateral business partnerships in the fields of aviation, maritime transport, aquaculture , waste management, culture, food and agricultural products, construction and defense technology. The agreements follow the high-level Greek-Saudi business forum held from May 29 to 31 in Athens. The Saudi Arabian business delegation at the forum included senior executives from 59 companies operating in key sectors of the economy, such as: energy, construction, tourism and logistics and who held 234 business-to-business (B2B) meetings with Greek companies.
Statements
The Deputy Minister of Foreign Affairs for Economic Diplomacy and External Affairs, Costas Fragogiannis, emphasized that our country maintains strong ties with the Gulf region, specifically with Saudi Arabia, with which we share the same geopolitical challenges. Mr. Fragogiannis continued by saying: “The consecutive visits of Prime Minister Kyriakos Mitsotakis to Saudi Arabia and the development of contacts with the crown prince, led to the consolidation of our strong ties as evidenced by the strategic partnership that is being launched between the two countries with signing extremely important international and business agreements”.
The Secretary General of International Economic Relations and Outreach of the Ministry of Foreign Affairs and President of Enterprise Greece, Ioannis Smyrlis, focused on the impressive progress achieved in the cooperation between Saudi Arabia and Greece and pointed out that “From energy to food security, from maritime transport to technology, there are many areas where Greek and Saudi businesses can work together. 75% of foreign investors believe that Greece’s investment prospects will continue to improve over the next three years, a view that places Greece first among European investment destinations.”
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