A promising market for French companies (Choiseul)

Guided by its Vision 2030 plan, Saudi Arabia is today a country offering great opportunities to French companies. This conclusion is reflected in a strategic note from the Institut Choiseul, presented by its president, Pascal Larot, on Monday, June 19, during the Forum on Franco-Saudi Investments.

Saudi Arabia set itself a challenge in 2016: to transform its oil-dependent economy through a 360-degree development plan called the 2030 Vision Plan, which includes economic, social, legal and political reforms. Clearly, it is the responsibility of the State to diversify its economy and sources of income in order to, among other things, become a more attractive market for companies and investors around the world within 7 years.

Launched by Crown Prince Mohammed bin Salman (MBS), the Vision 2030 program offers real opportunities for French companies, as the Institut Choiseul (think tank dedicated to economic issues and international relations) released in June by its president, Pascal Lorot Recalled from a note by During the 19th Franco-Saudi Investment Forum.

A diversified and rapidly growing Saudi economy:

Realizing the need to reduce its dependence on oil, Saudi Arabia has embarked on an ambitious process of economic diversification. The 2030 Program makes provision for a number of “giga-projects” encouraging the creation of new sectors such as tourism, renewable energy, the environment, nuclear energy, town planning, culture and even mining. These growing sectors are investment opportunities for French companies with expertise and advanced technologies in the sector.

French companies can also cooperate in more traditional but still essential sectors such as defence, transport, infrastructure, luxury goods and agri-food. “The participation of French companies in these new sectors could represent an important lever to enhance the achievement of Vision 2030, supported by the Saudi government”, The institute specifies the choice.

In excellent shape, the Saudi economy has something to grab the attention of French investors. In 2022, the country will see a 7.6% growth, 2.1% inflation and a 9.7% reduction in the unemployment rate. According to the think tank, the stock market reforms have allowed the Kingdom to join the biggest international index and come 9thth Global stock market.

Regulatory and Social Reforms

To attract foreign investors, Saudi Arabia has undertaken wide-ranging reforms aimed at simplifying administrative procedures, strengthening protection of intellectual property rights, and ensuring greater transparency in trade. These measures create a favorable business environment for private groups around the world. French companies, known for their know-how and professionalism, have been able to take advantage of this working environment to operate in the best possible way in the country.

Since 2016, Saudi Arabia has organized an increasing number of cultural, artistic, sporting and culinary events to attract visitors from around the world. Objective: To become a country open to the outside world, restore its image and meet the new needs of its young population.

“This social change is accompanied by progress in terms of women’s rights such as the removal of the requirement of male authorization for certain services, the right for women to drive, freedom of travel and independent living as well as parental responsibility, Institut Choiseul says, Saudi women can also participate in sports and cultural events, or work in various fields such as the police and armed forces.

All these recent developments prove that Saudi Arabia today is a modern and welcoming state for international visitors and investors. “Implementation of Vision 2030 will enable the State to create a diversified and sustainable economy while providing a quality living environment for its growing population”, The think tank has come to an end.

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