Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra said that his country was seeking to strengthen its strategic partnership with Riyadh, noting that a joint committee was scheduled to be held in Spain on Oct. 20 to review the development of bilateral economic relations.
Speaking to Asharq Al-Awsat, Sierra pointed to the presence of a joint defense committee, which is working on the development of a memorandum of understanding to promote cooperation in this field.
He said that many non-organizational agreements were signed in 2018, including an executive program for cultural cooperation, in addition to a memorandum of understanding on scientific and technological cooperation, and another MOU in the field of labor and social development.
“The joint statement issued on the occasion of the Crown Prince’s visit to Spain in 2018 refers to the strong partnership between our two countries,” Sierra said, stressing that the statement would represent the basis for “advancing our bilateral relations, with a special focus on the contribution that Spain can make in achieving Vision 2030.”
The ambassador emphasized the depth of the special fraternal relationship between the Spanish and Saudi royal families, which in a way frames the good dialogue between the two governments and facilitates the unique nature of the relations between the two cultures.
On areas of cooperation and agreements concluded between the two countries, Sierra said: “Through the General Cooperation Agreement of 2007, our two countries agreed to strengthen friendly relations and historical ties between their citizens, as well as to enhance bilateral cooperation. In this context, a joint committee was established and has met twice so far, in 2014 and 2018.”
He noted that around 80 Spanish companies were present in the Saudi market, covering various sectors, including the military industry, oil and refineries, combined technologies and water infrastructure, construction, infrastructure and consultancy.
Regarding the trade balance, Sierra said that merchandise exports closed last year with an approximate value of 1.9 billion euros (6.9 billion riyals), an increase of nearly 10 percent compared to 2020, while the main exported goods include machinery, mechanical equipment, ceramics and electrical appliances.
Imports, according to the Spanish ambassador, amounted to 2.9 billion euros (10.5 billion riyals), an increase of 30 percent compared to 2020, and covered fuels, in addition to mineral oils, organic chemical products, plastics and their products.
As for the volume of investments, he said that the balance of investments amounted to 483 million euros (1.7 billion riyals) for the year 2020, mainly concentrated in the crude oil and natural gas extraction sector.
The balance of Saudi investments in Spain amounted to 917 million euros (3.3 billion riyals), concentrated mainly in the sectors of oil refining, air transport, and real estate activities.
The ambassador highlighted the Saudi-Spanish cooperation in the military industry, noting that the Kingdom was a strategic partner in the region, as about 30 Spanish companies participated in the last edition of the World Defense Exhibition in Riyadh.
Spanish companies are interested in long-term partnerships in the Saudi market, which is evident through the establishment of joint ventures between SAMI and Airbus, he stated.
