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Russia: Saudi Arabia keen for increased trade with Russia03:00

Russia: Saudi Arabia keen for increased trade with Russia

Russian Federation, Moscow
October 5, 2017 at 11:03 GMT -00:00 · Published

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.

During his opening speech, Novak pointed out that "the fields of shipbuilding, the aluminium and radio electronic industry, as well as in the field of oil and gas equipment" are areas of great promise with regard to industrial cooperation.

Saudi Arabia's King Salman will meet Russian President Vladimir Putin on Thursday as part of his first ever visit to Russia. The two leaders are expected to consider joint steps to further enhance bilateral cooperation in the trade, investment and culture. Joint agreements in energy, infrastructure construction, tech and other sectors of the economy are also expected to be signed.

Russia: Saudi Arabia keen for increased trade with Russia03:00
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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.

During his opening speech, Novak pointed out that "the fields of shipbuilding, the aluminium and radio electronic industry, as well as in the field of oil and gas equipment" are areas of great promise with regard to industrial cooperation.

Saudi Arabia's King Salman will meet Russian President Vladimir Putin on Thursday as part of his first ever visit to Russia. The two leaders are expected to consider joint steps to further enhance bilateral cooperation in the trade, investment and culture. Joint agreements in energy, infrastructure construction, tech and other sectors of the economy are also expected to be signed.

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