Bashkortostan is one of the largest republics of the Russian Federation in terms of population and economic potential.

Jeddah Chamber of Commerce Industry (JCCI) Secretary-General Adnan Hussain Mandourah received Azat Fazlyev, vice president of Chamber of Commerce and Industry of the Republic of Bashkortostan (CCI RB), and his delegation on Saturday.

Delegation members described their companies' activities mostly dealing with drilling, manufacturing block modular equipment for oil and gas field facilities, packer and valve equipment, construction of tanks, glasswork, woodwork, plastic products, manufacturing of helicopters etc.

"We are inviting a big Saudi business delegation to visit our region in May next year for the Second Chemistry Forum to continue discussing partnership opportunities," said Ruslan Mirsayapov, head of Foreign and Interregional Relations Department of Bashkortostan's Presidential Executive Office.

“Saudi Arabia is a huge market and it is a pity that we are still not represented here," said Mirsayapov.

“My impression is that the Russian market in Saudi Arabia is scarcely known and underestimated despite its competency and competitive prices,” he added.

Refineries in Bashkortostan process up to 40 million of tons of oil every year, he pointed out.

“We strongly believe that potential cooperation could include sharing our know-how in oil-related business and exports of oil products and machineries such as jet turbines, gas pumping stations, equipment to drill oil or maintain pipelines etc," he added.

Mirsayapov indicated that Saudi businessmen could benefit from interesting investment opportunities in his country. He said the timber industry is still underdeveloped in Bashkortostan — a region mostly covered with forest.

In addition, he said Bashkortostan is also interested in catering to the Halal food industry here.

The exchange of visits by the trade delegations are taking place as part of an agreement between the two chambers to become acquainted with each other and increase awareness among Saudi businessmen about Bashkortostan's huge potential, especially in oil-related fields.

The Bashkortostan president and a CCI RB delegation took part in the Jeddah Economic Forum in March. A JCCI delegation also attended a major Chemistry Forum in Ufa in May.

Bashkortostan ranks first in Russia in terms of oil refining capacity. It is a large center of chemical and petrochemical industry and has vast deposits of mineral resources such as oil, natural gas, coal, ferrous metal ores, iron ore, manganese, chromite, copper, aluminum, zinc, gold and bauxite.