Saudi Gazette report

RIYADH — The Saudi-Russian Business Council of the Federation of Saudi Chambers (CSC) proposed to open a Russian bank in Riyadh in a move aimed at facilitating trade and economic exchange between the two countries.

The proposal was during the council meeting here on Thursday, reflecting the keenness of both countries to further strengthen economic and trade cooperation.

The meeting was attended by CSC President Ajlan Bin Abdulaziz Al-Ajlan, Russian Ambassador to Saudi Arabia Sergey Kozlov and Chairman of the Saudi-Russian Business Council Tariq Al-Qahtani as well as a number of Saudi businessmen.

Al-Ajlan underlined the importance of the meeting saying that it will provide strong impetus toward developing more trade and economic relations between the two countries.

Speaking on the occasion, the Russian ambassador stressed 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 joint cooperation at all aspects, and deepen, revitalize and diversify the partnership and friendship between them.

He added that a commercial attaché has been appointed at his country’s embassy in Riyadh which will help overcome all economic obstacles facing Saudi businessmen.

The ambassador promised to support and study the proposal to open the bank in Riyadh.

Meanwhile, Al-Qahtani underlined the importance of strengthening economic and trade cooperation during the coming period, adding that the council will take all measures that serve the two countries' objectives to enhance cooperation.

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

The participants also stressed the need to develop a road map for the development of economic cooperation between the two countries by focusing on developing trade and investment agreements, opening a direct airline between the two countries, facilitating visa issuance, and increasing cooperation in the targeted sectors, including the agricultural sector.