France's Diplomatic Outreach Key Gulf Partners Engage at Paris Forum

06 Jun, 2024

France's Diplomatic Outreach Key Gulf Partners Engage at Paris Forum

Senior French and Gulf officials concluded a two-day business forum in Paris with a shared goal of enhancing collaboration in advanced technologies and artificial intelligence within a competitive economic landscape.

French-GCC trade relations have seen recent growth, largely influenced by energy price fluctuations, yet French exports to the region are predominantly concentrated in sectors like aviation and cosmetics, notes the economy ministry.

Axel Baroux, Middle East managing director of Business France, emphasized the potential for expanded cooperation, highlighting the competitive global environment and the necessity for active engagement, particularly evident in events like the Vision Golfe forum.

Nearly 1,000 representatives from France and six Gulf countries convened for business discussions, accompanied by speeches from senior officials encouraging bilateral deals.

French companies showcased their offerings, including iconic treats like macaroons and halal meat pies, underscoring their commitment to expanding presence in Gulf markets.

Oman's Energy Minister, Salim Al Aufi, stressed the importance of diversifying partnerships beyond traditional allies, highlighting the significance of relationships with French firms in advancing the Gulf's energy transition.

Economy Minister Bruno Le Maire, in a pre-recorded address, expressed France's readiness to share expertise in various sectors, especially artificial intelligence, positioning France as an attractive partner for Gulf nations.

The forum witnessed the signing of two significant agreements: one between Marseille and the Saudi port authority to establish a new economic corridor, and another supporting Bahraini companies' access to French markets.

For Gulf nations, attracting foreign investors necessitates a transparent legal framework, as noted by Khalifah Al Yaqout, highlighting Kuwait's efforts to modernize its legal infrastructure to bolster investor confidence and economic diversification.