Saudi and Russian CEOs discuss opportunities at Russia meeting

MOSCOW: The Council of Saudi Chambers (CSC) organized a networking meeting in Moscow on Wednesday for more than 100 Saudi and Russian CEOs to coincide with King Salman’s visit to Russia.
Eng. Ahmed Al-Rajhi, CSC chairman, said he hoped the meeting would boost commercial cooperation and investment between the two countries.
He added that an increase in meetings between Russia and the Kingdom “has become a pressing necessity to activate commercial and investment relations.”
He also called on the businessmen to set up joint industrial projects and find an effective mechanism for trade exchange — suggesting exhibitions, training courses and meetings as useful tools. He also said it was important to settle disputes that may arise between businessmen in a way that will be beneficial to both countries.
Dr. Abdulrahman Al-Zamil, chairman of the Saudi-Russian Business Council, stressed the need to make the most of King Salman’s meeting with Russian President Vladimir Putin in order to boost the economic partnership between the Kingdom and Russia, particularly for small businesses.
Al-Zamil said Saudi Arabian exports to Russia amounted to $40 million in 2015, while Russian exports to the Kingdom stood at $2 billion, with iron, copper, grains, and non-organic chemical products the major contributors.
He said the Saudi market remains a promising one, explaining that Saudi Vision 2030 and the National Transformation Program (NTP) 2020 will act as strong stimuli for any foreign investor.
Several Saudi businessmen also spoke at the event, exploring a number of topics, including agricultural investment, food safety and the role of the Saudi Arabian General Investment Authority (SAGIA) in opening avenues for foreign investment in the Saudi market.
A number of their Russian counterparts revealed investment opportunities in their country — notably in agriculture, energy and tourism.