Saudi Arabia: Saudi Arabia and Slovenia are set to deepen economic ties in technology, tourism, and automotive industries following discussions at a business forum in Riyadh.

The Federation of Saudi Chambers hosted the Saudi-Slovenian Business Forum on Dec. 8, with participation from the Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim, and the European country’s Minister of Economic Development and Technology Matjaz Han.

The forum also brought together over 60 Slovenian companies from nine key sectors and a delegation from the country’s Chamber of Commerce and Industry, all seeking to tap into investment opportunities under the Kingdom’s Vision 2030 economic diversification initiative, and foster new business collaborations, according to the Saudi Press Agency.

The two countries enjoy strong trade ties, with exports from Slovenia to Saudi Arabia rising from $18.4 million in 1995 to $133 million in 2021, according to the Observatory of Economic Complexity trade data platform.

Al-Ibrahim highlighted progress since last year’s visit to Slovenia, including a memorandum establishing a joint business council and opening new avenues for economic cooperation and investment, SPA reported.

The Kingdom’s minister underscored the synergies between the two economies and encouraged Slovenian businesses to engage in Saudi Arabia’s transformative Vision 2030 initiatives.

He also emphasized the vital role of the private sector and called for a sustainable roadmap for economic cooperation to unlock additional investment opportunities.

For his part, Han underlined his country’s strong export-driven economy, highlighting that exports account for 80 percent of its gross domestic product. He also emphasized the country’s expertise in the automotive industry, engineering, infrastructure, and its vibrant tech ecosystem, encompassing 2,000 companies specializing in artificial intelligence, digitization, and cybersecurity.

The Slovenian minister went on to underscore opportunities in his country’s sports and tourism sectors, encouraging Saudi investors to explore these fields.

Waleed Al-Orainan, secretary-general of the FSC, affirmed that establishing the Joint Business Council reflects both nations’ commitment to strengthening economic ties, remarking that trade between Saudi Arabia and Slovenia grew by 192 percent in 2023, reaching $230 million.