RIYADH: Finland is looking to strengthen its economic ties with Saudi Arabia, with a goal of doubling the current trade volume in the next four years, according to an official.
In an interview with Arab News during the Future Investments Initiative, Finland’s Minister of Foreign Trade and Development Ville Tavio said: “We want to bring our companies here even more. We already have some of our companies here and we want to make the cooperation even larger.”
He also called for the establishment of a direct flight route between Riyadh and Helsinki, highlighting its potential to mutually benefit the emerging tourism sectors in both nations.
The current trade volume between Saudi Arabia and Finland stands at $300 million, with significant contributions from the telecommunications sector. Finnish companies, including Nokia, have been catalysts for this growth by relocating their regional headquarters to Riyadh in compliance with Saudi Arabia’s new regulations.
The foundation for a flourishing trade partnership was laid by the minister during his Riyadh visit when he signed a memorandum of understanding with his Saudi counterpart.
Under the MoU, both nations have committed to expanding their collaboration in various domains, including the Internet of Things, cloud computing, and wireless network technologies. This partnership is aimed at equipping governments with the necessary capabilities to drive digital transformation initiatives.
Underlining the importance of this agreement in fortifying the emerging alliance between the two nations, Tavio emphasized that “this MoU was to further improve the trade in digitalization and telecommunications,” key strengths of Finland.
The minister underscored his belief in the substantial role of digitalization in nurturing the emerging symbiotic relationship between the two countries.
“I think at the moment we are working in a pretty similar way with the Saudi government. So, we are forming clusters of sectors and then we are connecting the companies and connecting the companies with the governments as well.”
