Saudi Arabia & Finland discuss bilateral investment opportunities in growth sectors

By Arya M Nair, Official Reporter
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Saudi_Finland sign bilateral cooperation deal
Officials from Saudi Ministry and Finland Business Forum at MoU signing ceremony

Saudi Arabia’s Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi has discussed the need to strengthen economic partnership and diversify bilateral trade between Saudi and Finland.

The bilateral trade is estimated at 645 million dollars annually and benefit from Finland’s leadership in the areas of research and development, education and training, startups, innovation and others.

Heading a high-level Saudi delegation participating in the forum organized by “Business Finland” in cooperation with the Federation of Saudi Chambers, Dr. Al-Qasabi explained that the Kingdom of Saudi Arabia’s economy, since the launch of the “Kingdom Vision 2030” by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister in 2016, witnesses a transformation that led to the opening of many new sectors and promising opportunities for the business sector.

The Kingdom is heading towards a global trade and logistics hub, taking advantage of its geographical location and its capabilities that are currently being developed in light of the national strategy for transport and logistics services.

Saudi Arabia provides investment in growing sectors including, renewable energy generation, hydrogen use in industrial applications and transportation, as well as cooperation opportunities to develop and employ carbon capture technologies.

During the forum, which was attended by about 120 officials from the public and private sectors in the two countries, a cooperation agreement was signed between the Federation of Saudi Chambers and Business Finland.

The agreement was signed by Mr. Majed Al-Hokair, Chairman of the Saudi-Finnish Business Council, and Ms. Nina Kopola, CEO of Business Finland, in addition to signing a number of memoranda of understanding (MoUs) between a number of Saudi-Finnish companies.

It is worth mentioning that the Saudi-Finnish Forum discussed a number of areas of cooperation, most notably, transportation and logistics, education, fish farming and food industries, biotechnology and health, information technology, artificial and digital intelligence, energy and environmentally sustainable solutions, and electronic games industries.

Related: Oman & Bahrain sign bilateral MoUs & agreements in emerging sectors