RIYADH, 18 April — Saudi Arabia and Russia are planning to establish a joint economic commission in a bid to strengthen bilateral relations.
Finance and National Economy Minister Dr. Ibrahim Al-Assaf will chair the Saudi side during the commission’s meetings, while the Russian side will be headed by Energy Minister Igor Yusufov.
Russian Ambassador to Riyadh Andrei Baklanov said the new move will strengthen cooperation between the two countries, especially in the oil sector.
The ambassador said Moscow’s cooperation with the Organization of Petroleum Exporting Countries (OPEC) had resulted in achieving “amazing results” in terms of stabilizing world oil prices.
“We will focus on increasing the number of visits by Russian delegations to the Kingdom to promote ties in political, economic, scientific and cultural areas,” Baklanov said.
“Our government values the Kingdom’s political and economic role in the region,” he pointed out.
A Saudi economic delegation recently visited Russia, the ambassador said, adding that another delegation is due to visit Moscow this month.
Osama Kurdi, secretary-general of the Council of Saudi Chambers, said the Kingdom was holding talks with the Russian Chamber of Commerce and Industry and the Federation of Russian Industrial and Commercial Establishments to sign a memorandum of understanding.
“The MoU will be a first step toward establishing a Saudi-Russian Business Council, which will boost joint investments and enhance trade exchange,” Kurdi said.
At present, Saudi-Russian joint investments and trade exchange are very low, he pointed out.
According to figures released by the Saudi Ministry of Industry and Electricity last year, Russian investment in the Kingdom amounted to SR3 million.
Trade exchange — mostly Saudi imports from Russia such as barley, iron and paper rolls — totaled SR466 million during the year.
