Germany Eyes Gulf Investment Beyond Oil


"Germany seeks Gulf partners on renewable energy, rail transport and other projects"

Germany wants to invest in more than just oil in Saudi Arabia by partnering in renewable energy, rail transport and other projects, German Chancellor Angela Merkel said Wednesday.

Merkel addressed entrepreneurs at Saudi Arabia's Chamber of Commerce and Industry, offering assurances that Germany's economy will remain strong despite the European debt crisis.

"I know you look to Europe with a concerned eye after the challenges the euro has faced," she said. "We will make every effort to ensure the stability of the currency by promoting bilateral trade."

Merkel's comments Wednesday come after days of turmoil in world markets over fears that Europe's woes could derail the global economic recovery. The euro has slipped sharply.

Earlier in the day, the Merkel told a conference that Germany has benefited strongly from the common currency "and so we will stand up with all our strength for a strong euro."

Merkel is on a four-nation trip to the Gulf along with a business delegation seeking to expand German trade. She also has urged Gulf States to increase pressure on Iran to rein in its nuclear program.

She began in the United Arab Emirates and wraps up with stops in Qatar and Bahrain.

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