RIYADH, 18 December 2003 — A 44-member Russian delegation, led by former Prime Minister Yevgeny Primakov, held talks at the Council of Saudi Chambers of Commerce and Industry (CSCCI) here yesterday.
The two sides concentrated on identifying trade and investment opportunities, especially in the electricity and water, IT and construction sectors.
The Russian delegation held talks with the ministers of commerce and industry, transportation, water and electricity. Primakov described the talks as constructive and said they would pave the way for diversification of bilateral ties.
Speaking to newsmen, CSCCI President Abdul Rahman Al-Jeraisy said the recently constituted Saudi-Russian Business Council has 88 members with equal representation to both sides. Its priorities are identifying joint ventures and promoting trade and investment between the two countries.
Besides Primakov, the Russian team included Vladimir Evtushenkov, chairman of the Russian-Arab Business Council, and Russian Ambassador Dr. Andrei Baklanov. Saudi delegates included Al-Jeraisy and CSCCI Secretary-General Dr. Fahd Al-Sultan.
Al-Jeraisy spoke about the Kingdom’s economic reforms program and how it had resulted in streamlining regulations and expediting the decision-making process. He said a special unit had been opened at the Ministry of Commerce and Industry to help Saudi businessmen overcome procedural hurdles and reduce paperwork to a minimum.
“As a result, commercial registration can be completed in 17 minutes and investment licenses are issued in less than 24 hours. All they need is an ID card to kick off the process,” Al-Jeraisy said.
Speaking for the Russians, Primakov said that the visit marked a new chapter in Saudi-Russian relations and set the stage for expansion. He noted that there was good scope for establishing joint ventures between the two countries and facilitating technology transfer to the Kingdom.
Primakov said Russia has proven technology and expertise available at competitive prices.
Saudi-Russian trade and economic ties have remained low. Earlier this year, Russia’s petroleum giant Stroitangas entered into a joint venture with Saudi Oger for the construction of pipelines and oil and gas exploration in the Kingdom and other Arab and African countries.
The Russian delegation also visited the Saudi Arabian Mining Company (Maaden), where they held talks with President Dr. Abdullah Al-Dabbagh and other senior officials. The Maaden chief briefed the delegates on investment opportunities, especially in new phosphate and gold mines for which it had conducted feasibility studies. He said there was also good scope for a joint venture in the construction of railroad for transporting the ore.
