Greece and Saudi Arabia are examining opportunities of cooperation for Saudi investment in Greece’s shipbuilding and defense industries.
The high-level visit to the Greek Elefsis Shipyards, in the presence of the minister of development Takis Theodorikakos, signals the prospect of a strategic cooperation with industrial and investment entities of Saudi Arabia in the critical sector of shipbuilding, ship repair and defense industry.
The Greek minister of development Takis Theodorikakos and Saudi Arabia minister of industry and mineral resources Bandar Ibrahim Alkhorayef met at the ministry in Athens and then paid a visit to the Onex Elefsis Shipyards on Monday.
The minister and the visiting delegation were welcomed at the Elefsis Shipyards by Onex Shipyards & Technologies President and CEO Panos Xenokostas.
During the visit, the Saudi delegation toured the facilities and was briefed on the prospects of the Shipyards’ development and the thousands of jobs being created.
Particular emphasis was placed on the contribution of the Shipyards to the revival of the Greek shipbuilding industry, which has been included in strategic investments through initiatives of the ministry of development.
The visit followed a meeting at Greece’s ministry of development earlier in the day, held in what officials described as a “positive and productive atmosphere.”
Theodorikakos met with Saudi Arabia’s minister of industry and mineral resources, Bandar Ibrahim Alkhorayef at the ministry in Athens.
Participants examined in detail opportunities for further enhancing the strategic relationship of Greece and Saudi Arabia, attracting significant investments, and facilitating business activity in both countries, with an emphasis on the shipbuilding, pharmaceuticals, agri-food and construction.
Following the meeting, Theodorikakos said that the “trade between the two countries is nearly 1.9 billion euros. Our common goal is to boost it much further.”
“For our part, we place particular emphasis on the need to strengthen the shipbuilding industry, with investments in this sector,” the Greek minister said.
“We agreed to facilitate major Saudi investments in Greece, particularly in shipbuilding, agri-food, pharmaceuticals, and construction, while supporting Greek businesses interested in investing in Saudi Arabia.”
The high-level meeting in Greece’s Onex Elefsis Shipyards signals the prospect of a strategic cooperation expected to reshape the investment map in Southeastern Europe and the Middle East.
