As part of the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud—may God protect him—to the Russian Federation, the First Saudi-Russian Investment Forum kicked off this morning under the theme “Investment Toward Building a Strong Partnership,” organized by the General Investment Authority in cooperation with the Council of Saudi Chambers and the Saudi-Russian Joint Council, with the participation of 200 business leaders and representatives of major Saudi and Russian companies.
Implementation of 25 joint economic projects
The visit aimed to develop partnerships and trade relations between the business sectors of both countries, in line with the aspirations of the leaderships of the two friendly nations. At the start of the forum, Russian Energy Minister Alexander Novak delivered a speech in which he expressed his delight at the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to the Russian Federation; emphasizing its positive impact on strengthening diplomatic and economic ties between the Kingdom and Russia, He explained that the time has come to elevate, expand, and activate partnerships between the two sides by concluding fruitful cooperation agreements that will further enhance bilateral relations between the two countries.
He noted that areas of cooperation between the Kingdom and Russia are proceeding as planned and span a variety of sectors, including industry, health, infrastructure, agriculture, tourism, technology, nuclear energy, and water desalination, in addition to cooperation in the oil and gas sectors; noting that the two countries are currently working to implement 25 joint economic projects that will further enhance positive cooperation between them.
Al-Qasabi: Alliances Between Saudis and Russians to Build Successful Partnerships
For his part, Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qasabi a speech in which he expressed his thanks and appreciation to the Russian government for hosting the Saudi-Russian Investment Forum, and expressed high hopes for the development of trade and investment exchanges between the two friendly countries.
Al-Qasabi explained that, in line with its Vision 2030, the Kingdom of Saudi Arabia is committed to developing and encouraging investment and private-sector participation, as well as overcoming the challenges the private sector faces in accessing goods and services, amid open markets and regulations that protect investors, in order to strengthen and develop trade and investment relations that align with the current and future trends of the Russian economy.
At the conclusion of his remarks, he expressed his hope that this forum would achieve the objectives for which it was convened; including creating value-added trade and investment opportunities and fostering alliances between Saudi and Russian business leaders to build successful partnerships.
Al-Falih: Focus on New Industries and Supporting Entrepreneurship
In his speech, the Minister of Energy, Industry, and Mineral Resources, Engineer Khalid bin Abdulaziz Al-Falih, emphasized the leading role of the Kingdom and Russia in promoting stability and confidence in global oil markets, Al-Falih noted that strengthening cooperation between the two sides has also yielded promising opportunities for mutual cooperation and investment as both countries seek to develop their economies; Among the most notable of these was the recent announcement by the Kingdom’s Public Investment Fund of its intention to enter into investments with the Russian Direct Investment Fund; He noted that three agreements to implement this directive will be officially announced during this historic visit, specifically in the fields of energy, advanced technologies, and infrastructure.
In this regard, he emphasized the need to focus on investment in new technology-based industrial and economic sectors, while supporting entrepreneurship and adopting ideas that would transform innovations into products that generate attractive returns, and to pay greater attention to the factors thatenable this, such as strengthening intellectual property protection systems and providing venture capital. He also emphasized the need for both countries to focus on establishing the necessary regulatory frameworks and mechanisms to achieve this.
Al-Omar: The Kingdom is a Launchpad for Russian Products
For his part, Engineer Ibrahim bin Abdulrahman Al-Omar, Governor of the General Investment Authority, affirmed that they are encouraging Russian companies to explore the opportunities available to them in the Saudi market; as the ambitious Vision 2030 targets investments in several sectors that represent promising investment opportunities; among these sectors are: transportation, oil and gas, agriculture, space research, renewable energy, industrial localization, and other opportunities. He emphasized that the Kingdom’s strategic location serves as a springboard for Russian products to reach Africa and other regions of the world.
Al-Rajhi: Developing the Industrial, Commercial, and Tourism Sectors
Following that, the Chairman of the Council of Saudi Chambers, Engineer Ahmed bin Sulaiman Al-Rajhi, delivered a speech in which he stated that, in addition to pursuing food security, the Kingdom aims to develop the industrial, commercial, and tourism sectors, and is working to capitalize on its unique strengths as the heart of the Arab and Islamic world, a leading investment powerhouse, and a hub connecting the world’s three continents, and possesses numerous investment opportunities whose realization, God willing, is ensured by the wise leadership that has adopted the Kingdom’s Vision 2030 and the National Transformation Program 2020, in which the Russian side can participate.
Four Licenses Awarded to Russian Companies
Engineer Al-Omar then presented four business licenses to Russian companies for investment in the Kingdom, The forum’s opening ceremony was attended by a number of private-sector officials and more than 200 leading business figures and company executives representing various investment sectors in both countries.
Engineer Al-Falih added: "In today’s world, as we witness Russia’s strengths in science and technology, I see tremendous opportunities for our two countries to work together to establish and develop world-leading businesses in both nations, focusing on high-value, cutting-edge technology sectors and investing
He said: "To capitalize on the promising opportunities I have mentioned, this historic visit will witness the signing of agreements and memoranda of understanding in numerous fields of mutual interest to both countries, including, with regard to the energy, industry, and mineral resources sectors, cooperation in the peaceful uses of nuclear energy, outer space exploration, the defense industry, and the development of satellite navigation, among others.
