RIYADH: Finland sees untapped potential in commerical opportunities in Saudi Arabia, according to the European country’s Minister of Economic Affairs Sakari Puisto.
Speaking to Arab News on the sidelines of 9th Future Investment Initiative, the minister referenced numerous giga-projects and Expo 2030 as areas of interest.
Puisto highlighted that Finnish firms have consistently been present in the Kingdom for many years, explaining that most recently Kone — a company specializing in elevators — won the bid for the Jeddah Tower.
“Even though we have had good business relations with Finnish companies being in Saudi Arabia for a long time, I think there is a lot of commercial potential to be untapped,” Puisto told Arab News.
Puisto made his first visit to the Kingdom to speak on a ministerial panel during FII9, and he also planned to hold multiple sideline meetings to strengthen Saudi-Finnish cooperation, meeting with the ministers of commerce, industry, energy, sports, economy and planning.
Sakari Puisto speaking to Arab News on the sidelines of 9th Future Investment Initiative. AN/Jaafar Saleh
Discussing bilateral ties and historic relations between Saudi Arabia and Finland, Puisto described how the two countries have had long-standing diplomatic relations, adding that there is room to increase cooperation, especially under Vision 2030 projects.
“We see a lot of potential here with Vision 2030 by his Royal Highness Crown Prince Mohammed bin Salman and that is all of the projects associated with that for instance, NEOM, Expo 2030,” Puisto detailed.
As a part of his visit, the minister visited the Expo 2030 offices, commenting: “It was a very, very welcoming, open experience. We were there this morning and met with the leadership, and they showed the master plan.”
He added: “First of all, it’s very impressive, like the districts how they planned it. And they are not only planning for the expo itself, but also transforming it afterwards into a global village.”
The event will provide many “possibilities for tech solutions for instance, how to manage the private network the waste management, or like showcasing for the future technologies, recycling, environmentally friendly technologies,” the minister said.
“They were very open and for the discussions, and I think we impressed them with our company portfolio,” he added.
Reflecting on his perception of the Kingdom, Puisto said: “I remember in the previous session, my first session in the parliament, I realized that there’s a lot of things going on in Saudi Arabia and lots of modernization. Saudi Arabia is having a huge urban development.”
Promoting Finish businesses where he sees areas of potential collaboration is one of his commitments, and he said Saudi Arabia is ” certainly one of the top, top picks” in this regard.
The minster also highlighted the various tech solutions offered by Finish companies, setting out how they could help Saudi Arabia.
“Today, I met with the Expo leadership, and they said that Expo 2030 foresight is essential, because it’s five years from now, essentially. So, much of the technology of today will be outdated by then. So, they need to look forward,” he said, adding: “I think we have a good sort of business opportunities there.”
During a reception held in the embassy in honor of the minister’s visit, Ambassador of Finland to Saudi Arabia Anu-Eerika Viljanen delivered the opening remarks highlighting the areas of commercial cooperation between the two countries.
“Our strengths complement one another so nicely. Finland’s expertise in sectors such as innovation, technology, and circular economy meets Saudi Arabia’s bold and forward-looking Vision 2030,” Viljanen told Arab News.
“It is a vision that aligns closely also with Finland’s aspirations, and I am proud to say that Finland and Finnish companies eagerly continue to partner with you and contribute to the success of your country,” the ambassador added.
