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Russia: Saudi Arabia keen for increased trade with Russia

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The Russian-Saudi Investment Forum opened in Moscow on Thursday with Russia's Head of the Ministry of Energy Alexander Novak and Saudi Arabia's Minister of Commerce and Investment Dr. Majid bin Abdullah Al Qasabi in attendance.During his speech the Saudi minister said, "The statistics of economic cooperation between Saudi Arabia and the Russian Federation are weak and humble. The trade turnover between our countries is only US $800 million," adding that "this does not suit" either party. SOT, Alexander Novak, Minister of Energy of Russia (Russian): "I would like to point out that cooperation in the field of shipbuilding, the aluminium and radio electronic industries, as well as in the field of oil and gas equipment are promising areas in industrial cooperation. This includes, among other things, the joint implementation of a project in the field of desalination of water, composite materials and products made of carbon fibre. We, along with our Saudi partners, are ready to work on strengthening the food security of our countries. There are real prospects for the work of companies in the food market of the Kingdom of Saudi Arabia. "SOT, Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment of Saudi Arabia (Arabic): "The visit highlights the importance of economic cooperation between the Kingdom [of Saudi Arabia] and Russia, as the top two oil exporters in the world, as well as influential members in the G20. I also welcome Russian and Saudi businessmen and businesswomen, and I would like to thank the Russian Federation, its people and its government, for their generous welcome. This forum will see the signing of seven private sector agreements in various fields. In addition the General Investment Authority will provide licenses for four Russian companies, running investments of various kinds and in many fields."SOT, Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment of Saudi Arabia (Arabic): "The statistics of economic cooperation between the Kingdom [of Saudi Arabia] and the Russian Federation are weak and humble. Russian imports in 2016 have reached about US $800m, which is a number that doesn't match the stature of both countries. Saudi exports in 2016 have reached 74 million Riyals. As everybody knows, these numbers do not match the available and potential opportunities in the Russian Federation."Video ID: 20171005 013Video on Demand: http://www.ruptly.tv Contact: [email protected]: http://twitter.com/Ruptly Facebook: http://www.facebook.com/Ruptly

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