HELSINKI: Dr. Majid bin Abdullah Al-Qasabi, Saudi minister of commerce and chairman of the board of directors of the General Authority for Foreign Trade, stressed the need to strengthen the economic partnership and diversify bilateral trade between Saudi Arabia and Finland, which is estimated at $645 million annually, and to benefit from Finland’s expertise in research and development, education and training, startups and innovation.
Heading a high-level Saudi delegation participating in the forum organized by Business Finland in cooperation with the Federation of Saudi Chambers, Al-Qasabi explained that the Kingdom’s economy witnessed a transformation that led to the opening of many new sectors and promising opportunities for businesses.
He said the Kingdom is working to transform itself into a global trade and logistics hub, taking advantage of its geographical location and its capabilities, which are currently being developed in light of the national strategy for transport and logistics services.
Al-Qasabi pointed out that there is potential for cooperation in a number of fields, including renewable energy generation, hydrogen use in industrial applications and transportation, as well as in the development and use of carbon capture technologies.
During the forum, which 120 officials from both countries’ public and private sectors attended, the Federation of Saudi Chambers and Business Finland signed a cooperation agreement.