German Chancellor Angela Merkel said Wednesday her country would push “with all our strength” for a strong euro, describing Germany as “a prime beneficiary” of the single European currency. “I want to (make) a very clear statement,” Merkel told German and Saudi businessmen at the Jeddah Chamber of Commerce and Industry (JCCI). “Germany, as the largest exporting nation and largest economy in the European Union, has strongly benefited from the euro in the past. Therefore, we will work with all our strength for a strong euro.” To shore up the euro and boost European competitiveness, however, euro countries have to attain alignment with the region's fittest economies, Merkel said. “That is the goal that Germany is pursuing. If we do not achieve this goal, we will not be competitive in the world,” she said. The German chancellor, currently on the second stop of a four-country tour of the Gulf, said Europe had been “overtaken by some Asian countries which moved faster to reach trade pacts with the six-nation Gulf Cooperation Council,” but that she was “personally committed to overcoming the last few millimeters” for the finalization, after years of negotiations, of the EU-Gulf free trade agreement. Merkel assured the Saudi and German business communities that German companies were able to provide services to the Kingdom beyond those related to oil production, but added that “Germany must be faster than before in developing its relations with Saudi Arabia”. “We would like our companies to enter the Saudi market as they have sufficient experience in infrastructure, education, health, water and sustainable energy. I will work to remove barriers to bilateral investment and trade, which is strongly in Germany's favor,” she said. The chancellor later held closed-door meetings with Saudi businesspeople, after which the JCCI held a forum to discuss infrastructure, diversification and investment in the Kingdom. JCCI Chairman Saleh Kamel said that the growing relationship between the Kingdom and Germany needed to be matched by a balance in the volume of trade exchange. “Germany is the third largest exporter to Saudi Arabia, while Saudi Arabia ranks number 30 in the list of exporters to Germany,” Kamel noted. Abdullah Alireza, Minister of Trade and Industry, sought greater investment from German businesses in the Saudi market and cited World Bank rankings which describe the Kingdom as having the most competitive business environment in the Middle East and the 16th most competitive in the world. Merkel departed Jeddah Wednesday for Doha and her tour, which has already taken in the United Arab Emirates as well as Saudi Arabia, will conclude with its final leg in Bahrain on Thursday.
