Go to blog The Saudi Minister of Economy, His Excellency Faisal Al-Ibrahim, has visited his Austrian counterparty, Dr. Martin Kocher in the course of the 9th Saudi-Austrian Joint Committee in the last week of May 2024. The Minister was accompanied by a large delegation of high-ranking business leaders, for which the Austro-Arab Chamber of Commerce (AACC) had the pleasure to organize thriving site visits in Vienna, to present Austrian technology, culture and urban development.
Austrian-Saudi Business Forum - 28th May 2024
On Tuesday, 28th May, the AACC was privileged to join the Austrian-Saudi Business Forum, hosted by the Austrian Economic Chamber (WKO). During this event, Minister Al-Ibrahim was introduced to a selection of Austrian companies showcasing their innovative solutions, including independent AI algorithms for complex problem-solving, new export finance solutions, and green energy technologies.
A highlight of the forum was a presentation by Rakan Al-Garaawi, a representative of the Saudi Ministry of Investment, who provided insights into Saudi Arabia’s dynamic investment environment. He emphasized the significance of the National Investment Strategy (NIS) within the context of Vision 2030. Saudi Arabia's economy is notable for its robust and rapid growth, boasting the highest growth rate among G20 countries in 2022. With 60% of its population under 35 years, the country has a strong labor force, excellent international connectivity through 13 international airports and 10 seaports, and ambitious sustainability targets, including a goal to achieve net-zero emissions by 2060.
Key initiatives to foster investment include the establishment of five Special Economic Zones focusing on various sectors and the Global Supply Chain Resilience Initiative (GSCRI), which aims to bolster local resources and capabilities while attracting foreign direct investments (FDIs) in export-oriented products and services. Additionally, significant reforms have been implemented to facilitate business operations, such as 24-hour business visa issuance, expedited customs clearance, easy access to financing, and regulatory changes allowing 100% foreign ownership in most sectors. These efforts are supported by various governmental incentives, including tax reliefs, cash incentives, and capital deployment opportunities. Detailed information is available on the websites of Invest Saudi and the Ministry of Investment.
https://www.investsaudi.sa/en/
The forum concluded with a networking session, providing valuable opportunities for Saudi and Austrian business professionals to connect.
Official Reception at Upper Belvedere - 28th May 2024
The evening of the 28th May featured an exclusive highlight: the official reception of Minister Al-Ibrahim at the majestic Upper Belvedere, organized by the Embassy of the Kingdom of Saudi Arabia. The event was a resounding success, bringing together distinguished representatives from the Embassy, Saudi and Austrian ministries, business leaders, and other select stakeholders. The evening offered a perfect blend of cordial hospitality, welcoming speeches, traditional Saudi musical performances, delectable culinary delights, and an exquisite display of Austrian art history, with the unique paintings of Gustav Klimt providing a stunning backdrop. Most importantly, it facilitated excellent networking opportunities.
Visiting Program for the Saudi Delegation - 29th May 2024
On Wednesday, 29th May, the AACC organized an insightful visiting program in Vienna for the Saudi business delegation and ministry representatives.
The day commenced with a tour of the Spittelau waste incineration plant, one of Vienna's three thermal waste treatment plants, renowned for its façade artistically designed by the famous artist Hundertwasser. The concept of converting waste to energy, reducing landfill use, and incorporating architectural artistry was particularly inspiring to the Saudi delegation.
The excursion continued with an exclusive tour of the newly restored Austrian Parliament, facilitated by Federal Councilor Günther Kovacs. The delegation was enlightened about Austria's parliamentary system, historical architecture, and the intricate process of renovating historical structures. The delegation expressed admiration for the building’s historical significance, beautifully restored interiors, and rich heritage.
The day concluded with a tour of the urban development project Seestadt Aspern, a unique and innovative urbanization initiative in Europe. The delegation engaged in discussions about smart city concepts, the integration of technology, data, and end-user connectivity, and the importance of education in green and sustainable housing. The tour culminated with a group photo by the turquoise lake at the center of Seestadt, against the backdrop of the skyline featuring sustainable and wooden buildings.
Categories: Reports
