The Kingdom and Russia are Rich in Natural Resources and Share the Same Visions of Economy Diversification, as announced by H.E. the Minister of Commerce and Investment

07 Oct 2017
H.E. The Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi, confirmed that Saudi Arabia and Russian Federation are rich in natural resources and share the same visions of economy diversification.

He said, this will give us much scope for cooperation between the two countries. Currently there is a discussion with Russian companies in the field of transport, oil and gas. Major contracts have been handed over to Russian companies recently, in the field of desalination in Riyadh. 

This came during a press statement made by His Excellency Al-Qasabi, following the launching of the first Saudi-Russian Investment Forum under the title "Investment Towards Building a Strong Partnership", organized by the General Investment Authority in cooperation with the Council of Saudi Chambers and the Saudi-Russian Joint Council in Moscow

H.E. Dr. Al Qasabi added, "The Saudi-Russian relations have passed through history in different stages and circumstances, but today our interests and situations meet and converge in many common world issues.

His Excellency stressed the keenness of the Kingdom to serve its economic and political interests, pointing out that this visit will transfer the Saudi-Russian relationship to new horizons that are full of aspiration.

H.E. added that the Saudi-Russian Joint Committee, which will be held in Riyadh three weeks later, and to be attended by the Russian Energy Minister, is expected to present and discuss promising opportunities, as well as to discuss the problems and challenges facing such opportunities, confirming that the will with both sides is strong, and the political support is available to enhance and start new horizons of cooperation, and this is a main factor for success.

Regarding the investment fields in Russia and the Kingdom, and the sector that would get the largest share or proportion of investment? H.E. said: "We will start with oil and its derivatives, petrochemicals and energy in general, then the national industrialization of some military products, with the possibility of supporting the opening of national industries with full support to some military products, in addition to the mining sector, H.E. pointed out that the promising opportunities are widely available, but oil and energy are the first priority.

H.E. added: "There is a trend now to identify the promising investment opportunities in the field of petrochemicals, energy, agriculture and trade exchange between the two countries, and the current trend is to raise these figures.

H.E. pointed out that there is a two-way investment, one in the Kingdom of Saudi Arabia and one in the Russian Federation. H.E. said, "The most important thing is how to benefit from the competitive advantages of the two countries and to identify the areas and points of strength. The geographical location of the Kingdom enhances exports of Russian products to other continents. On the other hand, the Russian geographical location would enhance the access of Saudi products to foreign countries. Therefore, investment to be in both sides.

Regarding the four Russian companies that were handed over work permits to invest in the Kingdom, H. E.  explained that among these companies, there are two industrial companies and two in the service sector, and this is only a start, we hope that this number will be increased in future through marketing and identifying the opportunities. H.E. pointed out that there are 85 Saudi businessmen in Moscow now, in addition to the most prominent companies, such as Aramco, SABIC, Ma'aden and others. On the sideline of the forum, there will be an exhibition and there are 27 exhibitors participating in this event from various sectors, such as petrochemical industry, energy, products, cables and electrical appliances.

H. E. Dr. Al Qasabi spoke about the Kingdom’s Vision 2030, saying "The Russian side has shown interaction and enthusiasm with this vision. Therefore, both sides set up the Saudi-Russian joint committee and a special team to address the obstacles and challenges faced by Saudi businessmen.

H.E. confirmed that the Saudi-Russian joint committee to be held after three weeks in Riyadh, and the presence of 85 Saudi businessmen in this visit, also the participation of the Russian Investment Fund in the organization of this forum, besides the presence of a number of Russian ministers, all that would indicate the seriousness of the situation, and that there is a real chance and many opportunities to strengthen and enhance the economic and trade relations between the two countries. This will lead as well to open and start communication channels, exchange of visits, trade exchange and introducing the promising opportunities in both countries.

H. E. the Minister pointed out that 200 scholarships have been approved and adopted in the fields of technology, electricity and oil.

Last Modified 25 Dec 2018