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Saudi-Russian Forum to boost cooperation

Saudi-Russian Forum to boost cooperation

Russia and Saudi Arabia continue to strengthen their economic ties and sustainable partnership, Aawsat news agency reported. A business forum kicks off on Monday to discuss the ways of enhancing future partnership in energy and industry.

Russian-Saudi cooperation in food and agriculture will deepen with other sectors of their economies. A business forum will definitely create a suitable environment for the bilateral investment, the granting of trade licenses, and joint workshops.

According to the experts, Riyadh and Moscow should continue, first of all, to coordinate at the highest levels to protect the balance of the global energy market. Both countries are rich in oil and are, therefore, the key players in the global energy market.

Now, the Russian-Saudi economic ties have a strong fundament, in the form of business and investment agreements executed by the Saudi-Russian Joint Committee and the Saudi-Russian Business Council.

Monday’s forum comes in line with the visit of the Russian President to the Kingdom. It is expected that the business event will be resulted in the signing of several memorandums of understanding between the two countries.

Russian and Saudi businesses should deepen their ties after Forum

Head of the Saudi-Russian Business Council, Tariq Al Qahtani, said the enhancing of the cooperation between Saudi and Russian business circles is an aim of the forum.

According to Mr Qahtani said the sectors involved in the Saudi-Russian partnership include heavy industry, shipbuilding, air and maritime transportation, logistic services, infrastructure projects, mining, food industry and food safety, agriculture, in addition to petrochemical, gas and plastic manufacturing.

Vladimir Putin’s visit to the Saudi capital could help to boost Saudi-Russian commercial exchange, which reached a growth of 43 percent last year.