Saudi Arabia and Switzerland are poised to deepen cooperation in finance and economics as top officials convened for the 4th Saudi-Swiss Financial Dialogue in Zurich.
The event, inaugurated by Saudi Arabia’s Finance Minister Mohammed Al-Jadaan, focused on enhancing macroeconomic outlooks, fostering international multilateral cooperation, and advancing specific bilateral economic initiatives.
It comes against the backdrop of a robust trade relationship between the countries. In 2023, Saudi Arabia exported $810.67 million worth of goods to Switzerland, while Swiss exports to the Kingdom totaled $6.77 billion, according to the UN’s international trade database.
“The Saudi-Swiss relations have been growing for more than six decades, and our meeting … for the 4th Saud-Swiss Financial Dialogue in Zurich embodies the two nations’ keenness to deepen cooperation between Saudi Arabia and Switzerland in various fields, most notably in finance and economics,” Al-Jadaan said in a post on X a day before the event.
“Today, I was pleased to inaugurate the 4th Saudi-Swiss Financial Dialogue with the participation of the Head of the Federal Department of Finance & Vice President of the Swiss Federal Council, Ms. Karin Keller-Sutter. I emphasized on the Kingdom’s aspiration to explore new areas and markets that would deepen the existing cooperation between the two nations,” the minister added in another post.
https://x.com/MAAljadaan/status/1803770494782427328
In February, a high-profile delegation of Swiss business leaders visited Saudi Arabia to explore burgeoning trade and investment prospects in the Kingdom.
Guy Parmelin, a Swiss Federal Councillor and head of the Department of Economic Affairs, Education and Research, led the delegation at the time.
In an interview with Arab News during his visit, Parmelin highlighted the robust growth in trade between Switzerland and Saudi Arabia in recent years. “Swiss companies are very interested in investing in the Kingdom,” he added.
He emphasized the eagerness of the accompanying business delegation to capitalize on Saudi Arabia’s rapidly transforming economic landscape.
In November 2022, during an official visit to Riyadh, Swiss Finance Minister Ueli Maurer met with his Saudi counterpart, Al-Jadaan, and they signed a cooperation agreement to inaugurate the third Saudi-Swiss Financial Dialogue.
Lauding the strength of the Saudi economy, Maurer stressed the importance of bilateral dialogues in developing economic activities in both countries and strengthening Switzerland’s role as a strategic partner for the Kingdom in achieving the goals of Vision 2030.