Saudi, Russian Business officials propose Russian bank in Riyadh to facilitate trade

By Ashika Rajan, Trainee Reporter
  • Follow author on
Saudi Arabia
Representational Image

The Saudi-Russian Business Council of the Federation of Saudi Chambers (CSC) has proposed to establish a Russian bank in Riyadh to facilitate trade and economic exchange between the two countries.

The proposal was made during the meeting which reflected on both countries’ desire to strengthen economic and trade cooperation.

CSC President Mr. Ajlan Bin Abdulaziz Al-Ajlan, Russian Ambassador to Saudi Arabia Mr. Sergey Kozlov, Chairman of the Saudi-Russian Business Council Mr. Tariq Al-Qahtani, and several Saudi businessmen were present at the meeting.

Mr. Al-Ajlan emphasized the significance of the meeting, stating that it will provide a powerful impetus toward developing more trade and economic relations between the two countries.

The Russian ambassador stated that his country views the development of trade relations between the two countries as a primary task that reflects the desire of the two sides to boost cooperation at all aspects all while deepening, revitalizing and diversifying the partnership and friendship between them.

Mr. Ozlov remarked that a commercial attaché has been appointed to his country’s embassy in Riyadh, which will assist Saudi businessmen in overcoming all economic challenges.

Meanwhile, Mr. Al-Qahtani emphasized the importance of bolstering economic and trade ties in the coming period, adding that the council will take all steps that serve the two countries’ objectives to enhance cooperation.

During the meeting, the two sides discussed issues that contributed to the low volume of trade between Saudi Arabia and Russia, including the lack of direct shipping services to facilitate import and export operations, as well as a lack of adequate information on the business environment and investment opportunities.

The participants also stressed the importance of developing a road map for the expansion of economic cooperation between the two countries by focusing on developing trade and investment agreements, opening a direct airline between the two countries, easing visa issuance, and increasing cooperation in targeted sectors, including the agriculture sector.

Related: Abu Dhabi Chamber explores economic & trade ties with Oman Ambassador