FOCUS ON SAUDI ARABIA

The Flanders International Trade Fair ACCENTA 2011, held from 10 to 18 September 2011 at Flanders Expo in Ghent, focused this year on the Kingdom of Saudi Arabia as Guest of Honour.

The Saudi pavilion, organize by the Saudi Ministry of Commerce and Industry, reflected the country’s rapid development and dynamic entrepreneurial drive, highlighting the highly competitive Saudi products and services and the Kingdom’s openness to foreign relations and partnerships. The Saudi pavilion also hosted exclusive business matchmaking and investment events, including unique networking opportunities with business partners.

The Saudi presence at Accenta furthermore was also a unique opportunity for the public at large to discover the rich cultural and touristic trump cards of the Kingdom and to get acquainted with the evolution of and future prospects of the Saudi society.

A trade forum was organized during the Fair to serve as an ideal platform to hold pre-scheduled business meetings on a one-to-one basis between Saudi and Belgian partners, including potential businessmen from a variety of sectors. The Saudi European Economic Forum attracted key note speakers such as H.E. Abdullah Alireza, Saudi Minister of Commerce and Industry, HH Prince Turki Al Faisal, H.E. Karel de Gucht, European Commissioner for Trade, HE Mr. Herman De Croo, Minister of State, and H.E. Faisal Trad, Ambassador of Saudi Arabia in Belgium.

The Forum highlighted the investment and financial market in Saudi Arabia and the country’s bilateral relations and role in the world economy.

Accenta 2011 was inaugurated by the Belgian Prime Minister and featured the Saudi Minister of Commerce and Industry H.E. Mr. Abdullah Alireza.

The Saudi participation at Accenta 2011 furthermore provided an opportunity to examine the bilateral economic relations with Belgium.In 2010, Saudi Arabia ranked 35th among Belgium’s main clients, with Belgian exports amounting to 1,031.1 million euros, a 10% rise in comparison with the previous year (939.2 million euros). Belgian exports to the country accounted for 0.3% of Belgium’s total sales abroad. The Kingdom was the 32nd supplier of Belgium in 2010, with imports rising by 59.5% from 704.8 million euros in 2009 to 1,124 million, i.e. some 0.4% of total Belgian imports.

Exports to Saudi Arabia were mainly composed of chemical products (317.2 million euros, 30.7% of Belgian exports to Saudi Arabia), machinery and equipment (259 million euros, 25.1%) and plastics (125 million euros, a share of 12.1%).

In 2010, plastics represented 49.5% of total Belgian imports from the Kingdom, amounting to 556 million euros, a 27.7% increase in comparison with 2009. Two other product groups registered a share larger than 10% : chemical products, accounting for 33.5% or 376 million euros, and mineral products, representing 138.8 million euros or a 12.4% share.

Economic and financial cooperation between the two countries led to the implementation of 26 joint projects to date. At the end of 2011, 15 industrial projects and 11 services projects have been implemented, representing a total invested capital of SR3,386.6 million, in which the Saudi partner’s share represents 67%, the share of the Belgian partner 8.74%, while the remaining share goes to other partners.