RIYADH: The digital economy sector in Saudi Arabia and Finland will open new opportunities and drive innovation, with both nations planning to develop internet-connected technologies.
According to the Saudi Press Agency, both countries agreed to expand the domains of the Internet of Things, the cloud and wireless network technologies.
Saudi Communications and Information Technology Minister Abdullah Al-Sawah and Finnish Foreign Trade and Development Minister Ville Tavio signed the agreement at the ministry’s headquarters in Riyadh.
The memorandum of understanding will also harness capabilities required to facilitate the digital transformation of the governments, said SPA.
Additionally, the MoU will work toward devising joint programs, including capacity building and research projects.
The programs will also feature joint research projects on technology forecasting and promoting the private sector’s participation between the Kingdom and Finland.
In August, representatives from the Federation of Saudi Chambers and the Finnish Chamber of Commerce established a joint council called Business Finland.
“With Vision 2030 now and this massive transformation, which is happening in the country, we believe these unlocked new areas of potential collaboration between the two countries and Finland can be an excellent partner to the Kingdom to achieve the Vision 2030 goals and objectives,” Nabil Mohamed, senior adviser of Business Finland told Arab News then.
Mohamed and fellow Business Finland senior adviser Mudar Al-Ani highlighted their mission to expand Finish businesses in Saudi Arabia across sectors such as digital transformation.
“We are looking to see more Finish companies present here (Saudi Arabia) in the market and also more Saudi companies in Finland,” Mohamed said.
In November, both countries agreed to strengthen the economic partnership and diversify bilateral trade, estimated at $645 million annually, and benefit from Finland’s expertise in research and development, education and training, startups and innovation.
