France is intensifying its economic engagement with Gulf nations, expressing confidence in the region's “extraordinary potential” despite recent regional tension.
Having sent air defences to support its Gulf partners during the US-Israeli war on Iran, Paris now seeks to deepen trade, investment and strategic ties across the region.
“We have always been there during this crisis in the framework of ties and agreements, especially in the defence sector,” French Foreign Trade Minister Nicolas Forissier told The National on Thursday. “I think now we have to strengthen our ties across trade, technology, culture and the creative industries, because I believe this is the best way to build peace.”
Mr Forissier was speaking at Vision Golfe, a gathering of business leaders in Paris. During the event, French officials praised the resilience shown by GCC states and voiced confidence that the region would recover strongly amid diplomatic efforts to bring the Iran war to an end.
“Today, and maybe more than ever, I want to reaffirm a simple and strong message. France stands firmly alongside the countries of the Gulf,” said Louis Margueritte, chief executive of Business France, a national agency that supports the French economy's international development.
“Our companies are here, you are here, our commitment is here, and our confidence in this region is here,” he told GCC representatives at the annual forum. “Despite current tension, we remain deeply convinced of the region's extraordinary potential.”
“We believe together in a region that will overcome the current crisis. We believe it will make a strong rebound.”
Gulf states faced Iranian drone and missile attacks during the war, which broke out on February 28 after the US and Israel launched air strikes on Iran.
But significant progress was made this week towards ending the conflict, with the US and Iran signing a framework agreement on Wednesday. The 14-point accord sets out a 60-day timeline for negotiations aimed at securing a broader settlement. It also envisions an immediate end to hostilities and reopens the Strait of Hormuz for shipping.
French officials at Vision Golfe described the agreement as a “ray of hope” that stability will be restored to the region.
“It's been an amazing, historic week that we'll probably remember for the rest of our lives,” said Economy and Finance Minister Roland Lescure. “It brings a ray of hope after a very difficult few weeks.”
The forum comes a day after the G7 leaders' summit, held this year in the French spa resort of Evian-les-Bains. The gathering was dominated by discussions related to the framework agreement, which was signed in Versailles on Wednesday by US President Donald Trump.
“I was in Versailles last night. We cleared the table, we took the memorandum, and [Mr Trump] signed it in English and in Farsi,” Mr Lescure said. “We all felt this is history in the making.”
The most important aspect of the agreement was the reopening of the Strait of Hormuz, he added. The Iranian and US naval blockades of the waterway had caused chaos on global markets.
Mr Lescure said the Gulf had shown resilience in the face of crisis.
“I would like to tell you how much we have been impressed by the resilience of the region, the resilience of your leaders, the resilience of your businesses and the resilience of your people,” he said.
“Your ability to adapt, to transform, to change the way oil is circulating in the region, to make sure that oil could circulate despite the closing of the Strait of Hormuz – this is a tribute to your nations, which are now among the leaders of the world, and which are helping us build a better world.”
