ECONOMY

Promoting Greece’s economic relations with Saudi Arabia

Promoting Greece’s economic relations with Saudi Arabia

Greece is committed to promoting bilateral economic and trade relations with Saudi Arabia, Deputy Foreign Affairs Minister for Economic Diplomacy and Openness Kostas Fragogiannis said on Sunday.

Speaking at the Greek-Saudi Investment Forum in Riyadh, where he was accompanied by delegations of ministers and businesspeople, Fragogiannis also underlined the two countries’ joint commitment to stability and peace in the area.

“It is self-evident that both countries are always committed to international law, including the UN Convention on the Law of the Sea (UNCLOS), and that both continuously condemn every terrorist act,” the Greek minister said.

Fragogiannis, who was following up a visit to the country by Prime Minister Kyriakos Mitsotakis in October 2021, said that bilateral relations have improved in the last 2.5 years, and that significant work has resulted.

This includes the memorandum of cooperation between the state exports agency Enterprise Greece and the Saudi National Companies Promotion Program, which was signed in September in Athens, and the founding of the investment council between the two countries.

“What we are preparing now is the completion of the bilateral agreement promoting investments,” he said.

The deputy minister said the ties of friendship and collaboration are not limited to politics, and mentioned an earlier visit where he was warmly received by Crown Prince Mohammed bin Salman Al Saud, who also thanked Greece for the Patriot missiles.

Addressing Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, he reiterated that during that meeting both sides had identified the sectors “which require our attention and where more work needs to be carried out.”