JEDDAH, 28 August 2003 — More than 50 Saudi companies are expected to participate in an exhibition in Moscow highlighting Saudi industry early next month, according to Dr. Fahd Al-Sultan, secretary general of the Council of Saudi Chambers of Commerce and Industry.
He said Crown Prince Abdullah, deputy premier and commander of the National Guard, who is scheduled to visit Russia shortly, would open the exhibition which aims at strengthening economic and commercial relations between the two countries.
“The exhibition center is designed like an Arab tent, covering an area of 300 square meters,” Al-Sultan told Al-Riyadh Arabic newspaper. There will be presentations dealing with investment opportunities in the Kingdom, he added. A documentary highlighting the quality and utility of Saudi products will also be featured.
Eid Al-Qahtani, director general of the Saudi Exports Promotion Center, said the exhibition was planned to mark the royal visit. “It’s a good opportunity to promote Saudi products in Russia,” he said, adding that Saudi products are known for their quality.
Saudi officials expect the exhibition will lead to deals between Saudi and Russian businessmen and companies. Saudi date firms, they said, will use the opportunity to win a substantial share of the Russian market. Saudi Arabia is the world’s largest producer of dates.
Trade between the Kingdom and Russia averaged SR478.5 million over the past 10 years, the Arabic daily said. The two countries have expressed their desire at official and popular levels to boost ties in different spheres. During the past decade, trade between the two sides did not exceed the SR1 billion mark. Bilateral trade reached a peak in 1995 when it was SR835 million. The value of joint ventures is not more than SR9.5 million.
Prince Abdullah’s upcoming visit to Moscow is expected to boost political, economic and commercial relations. A series of agreements, including an energy accord to strengthen cooperation in the petroleum and gas sectors, will be signed during the state visit. “The energy accord between the world’s largest exporters of oil is significant as this is the first time such an agreement is being signed between them,” a Russian Energy Ministry official has said.
Saudi Arabia has the world’s largest oil reserves while Russia is the biggest exporter of oil outside the Organization of Petroleum Exporting Countries (OPEC).
Russian oil giant Gasprom expressed its desire to take part in the Kingdom’s gas initiative program when Western oil firms failed to respond favorably.
Russian Ambassador Dr. Andrei Baklanov has said that the crown prince’s visit would usher in a new era in Saudi-Russian relations. Baklanov said the two countries would sign a number of agreements in the economic, scientific and educational areas. “The economic agreement will include investments and a trade tariff between the two countries. Special emphasis will be given to the gas and oil industry,” he added.
